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Credit growth to sustain and spark virtuous cycle: Economic Survey

The year-on-year (YoY) growth in non-food bank credit sped up to 15.3 per cent in December 2022, with the credit growth broad-based across sectors, the Survey said

Bhaskar Dutta Mumbai

Premium

The loan growth has been primarily driven by retail credit and demand for home loans

3 min read Last Updated : Jan 31 2023 | 10:54 PM IST

The robust growth in credit that has been experienced over several months is expected to sustain, and along with a rise in private capital expenditure, will bring in a virtuous investment cycle, the Economic Survey for 2022-23 has said.

“The credit upcycle will also be aided by constant monitoring of the risks in the financial system by the regulators and their efforts to contain them,” the Survey said, adding that the Reserve Bank of India’s support for growth would ensure sufficient liquidity in financial markets.

The rebound in economic activity in the previous fiscal year following the Covid-19 crisis and a greater degree of financial soundness among banks and corporates had boosted the expansion of credit since June 2021, the Survey said.