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CARE Ratings Research Report
The non-food credit growth accelerated to 6.9% YoY in October 2021 as against a rise of 5.2% growth in October 2020, expanding by 176 basis points YoY and 16 bps month-on-month from 6.8% in September 2021 due to a pick up in the economic activities (Q2 FY22 gross domestic product growth stood at 8.4% from down 7.4% in Q2 FY21) post the gradual lifting of the lockdown and ongoing festive season.
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The growth was driven by the retail, agriculture and allied and industry segments, with services reporting sluggish growth.
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Credit outstanding of the retail segment rose by 11.7% due to growth in housing loan and vehicle loan driven by the festive season and low interest rates, while loan against gold jewellery also drove the retail growth.
Agriculture and allied segment rose by 10.2% in October 2021 due to a better monsoon.
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