The growth in export credit by over 30% indicates a recovery in global demand, industry body Assocham has said.
While the year–on-year export credit grew by 32% as on January 20, shipping saw higher deployment of funds by 15.7%, consumer durables by 17.1% and vehicles loans by 18.2% according to RBI data.
“Analysing the RBI data, the paper noted that in the current financial year, up to January 20, some of the selective sectors remained in good shape despite an overall dismal credit growth of just about 3.3% in 2016-17,” Assocham said in a paper.
Going by the sector-wise deployment of gross bank credit, exports, agriculture and allied activities, shipping, professional services, consumer durables and vehicles were among the top in seeking funds from the lenders.
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