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While the Central Statistics Office (CSO) has estimated a GDP growth of 7.1 per cent for 2016-17 despite demonetisation of high value notes, the Reserve Bank of India on Friday said on a year-on-year (y-o-y) basis, non-food bank credit growth declined to a historic low of 3.3 per cent in February 2017 — the lowest in several decades — as compared with an increase of 9.9 per cent in February 2016.
Credit offtake by all the segments, including industry, agriculture, services sector, personal loans and housing loans showed a decline in growth for the period ended February 17, 2017. Credit to agriculture and allied activities increased by 9.0 per cent in February 2017 as compared with an increase of 13.5 per cent in February 2016.
Credit to industry contracted by 5.2 per cent in February 2017 in contrast with an increase of 5.4 per cent in February 2016. The RBI has said credit ofttake to small units contracted by 5.2 per cent as against an increase of 1.7 per cent. Credit flow to medium units plunged by 12.2 per cent as against a fall of 11.1 per cent last year. Credit offtake by large units, which are hit by excess capacity and overleveraging, contracted by 4.9 per cent to Rs 21,44,800 crore in February 2017 as against an expansion of 7 per cent to Rs 22,55,200 crore last year.
According to the RBI, credit growth to major sub-sectors such as ‘infrastructure’, ‘food processing’, ‘basic metal & metal products’ and ‘textiles’ decelerated. However, credit growth to ‘petroleum, coal products & nuclear fuels’, ‘wood & wood products’, ‘cement & cement products’, ‘vehicles, vehicle parts & transport equipment’ and ‘construction’ accelerated. “Credit to the services sector increased by 7.7 per cent in February 2017 as compared with an increase of 8.6 per cent in February 2016,” it said.
Personal loans which were on the rise, showed a lower growth of 12 per cent in February 2017 as compared with an increase of 19.2 per cent in February 2016.
Housing loan growth plunged to 11.4 per cent in February 2017 from 19 per cent in February 2016. Total outstanding housing loans now amount to Rs 820,200 crore. However, vehicle loans showed a growth from 12.3 per cent from 18.2 per cent in the one-year period.
Total non-food credit outstanding was Rs 66,86,700 crore as on February 17, 2019 as against Rs 64,73,800 crore on February 19, 2016. The 76th round of the RBI’s industrial outlook survey suggests that financing conditions facing the manufacturing sector have worsened in Q3 of 2016-17 and are expected to remain tight in Q4, the RBI had earlier said.