After de-growth of Rs 61K cr in FY22 MSME credit growth up by Rs 52,800 cr in FY23, says SBI Report

New Delhi, Aug 1 (KNN) As of mid-July in the present fiscal year 2022-23, the MSME sector’s credit growth increased by Rs 52,800 crore, said SBI in its latest report.

The expansion is against de-growth of Rs 61,000 crore in the similar period in last fiscal.

According to the public lender’s ecowrap report during the period retail loans grew by Rs 1.34 lakh crore against de-growth of Rs 26,500 crore last year.

Analysing the data, Soumya Kanti Ghosh, Group Chief Economic Adviser, SBI said in the report that it’s clearly evident that the demand for credit is still continuing.

Recording a 3-year high growth of 14 per cent (YoY) as of July 15, 2022 in FY23 credit growth has gained further traction over FY22.

The incremental growth (YTD) in credit is Rs 3.8 lakh crore (3.3 per cent) till date. (KNN Bureau)