Year-on-year (y-o-y) growth in non-food credit has fallen below the Reserve Bank of India’s (RBI) target of 18%. In its second quarter review of monetary policy announced on 25 October, RBI said, “M3 (money supply) growth projection for 2011-12 has been retained at 15.5% and growth of non-food credit at 18%.”
RBI data shows, however, y-o-y growth in non-food credit had decelerated to 17.4% as on 18 November, an indication of the slowdown in the economy. Similarly, y-o-y growth in M3 had also fallen below RBI’s target of 15.5% growth.
Also See | Year-on-year growth in non-food credit (PDF)
Graphics by Naveen Kumar Saini/Mint.