Credit growth to MSEs nor at par with the need
New Delhi, Dec 3 (KNN) The Reserve Bank of India’s (RBI’s) report on Deployment of Gross Bank Credit by Major Sectors showed that the credit outstanding as of September 27, 2019, to the micro and small enterprises (MSEs) stood at Rs 10,56,600 crore up from Rs 9,94,504 crore as on September 28, 2018.
The amount as on March 29, 2019, was Rs 10,67,175 crore, according to the data in RBI’s November bulletin.
The gross bank credit grew by 6.2 per cent as on September 2019 from the year-ago period even as with respect to the current financial year, the growth contracted by 1 per cent.
For manufacturing sector, the credit outstanding as on March 29, 2019 was Rs 375505 crore. On September 27, 2019 it was Rs 361328 crore, which is lower than Rs 363797 crore as on September 28, 2018.
Credit growth in manufacturing MSEs shrank by 3.8 per cent in the financial year so far while YoY contraction stood at 0.7 per cent. For services MSEs, credit deployment saw growth of 0.5 per cent in the FY so far while it grew by 10.2 per cent YoY, according to the November bulletin citing data till September 2019.