May 10, 2014 12:43:58 am
The finance ministry’s scheme to offer cheaper loans for two-wheelers and consumer durables seems to have made its mark, with both the segments registering higher demand for loans last fiscal.
While sales of two-wheelers had increased by 7.2 per cent in FY14, loans for consumer durables increased though its share in the total was just 0.2 per cent, according to CARE Ratings. The finance ministry had, in October 2013, prodded public sector banks to provide cheaper loans for two-wheelers and consumer durables to stimulate demand.
However, according to a CARE Ratings report, the higher loan offtake had limited impact as the consumer durables industry recorded a 12.2 per cent decline in production during the first 11 months of FY14.
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