Credit expansion to the industry is slowing down if the latest data from the Reserve Bank of India (RBI) is any indication. While the growth in total non-food credit declined marginally to 15 per cent as of August 2023 from 16 per cent a year ago, credit outstanding growth to the industry declined steeply to 6.1 per cent to Rs 33.89 lakh crore as against 11.4 per cent a year ago.
While growth in credit outstanding to the large industry fell to 5.4 per cent (Rs 25.30 lakh crore) as of August 2023 from 6.3 per cent a year ago, the medium sector showed a steep decline in growth to 9.8 per cent (Rs 2.55 lakh crore) from 36.6 per cent last year and micro and small industry credit growth was down to 10.7 per cent from 27.7 percent, RBI data shows. This decline in credit growth has come amid a fall in new projects in the last two quarters.
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