The chart shows that net growth in personal loans outstanding was Rs1.12 trillion in the current fiscal year till 28 October.

Total growth in non-food credit during the period was Rs770 billion, or Rs77,000 crore. That means personal loans accounted for 145% of the growth in total non-food credit this fiscal year so far.

Net bank lending to industry, on the other hand, has contracted sharply and it accounted for -163% of growth in non-food credit.

Note that this was the situation before demonetisation, and things would have become much worse since then.

The chart also shows how net bank non-food credit to industry has contracted when compared with the same period last year.

Indeed, this fiscal, the only industries that have shown positive growth are tea, wood and wood products, petrochemicals, vehicles and transport equipment, construction and ‘other industries’.

With demonetisation, credit to the construction industry, too, would be severely affected.