The YoY credit growth to retail and wholesale trade in July last year was 14.2 per cent from Rs 6.30 lakh crore deployed in July 2021.
(File Photo)
As per the latest data provided by RBI, Scheduled Commercial Banks deployed Rs 8.43 lakh crore to retail and wholesale traders in July this year. This figure is up by 17.1 per cent from Rs 7.20 lakh crore deployed in July last year.
The YoY credit growth to retail and wholesale trade in July last year was 14.2 per cent from Rs 6.30 lakh crore deployed in July 2021.
Retail traders deployed Rs 4.22 lakh crore in bank credit in July. This marked 19.3% growth from Rs 3.53 lakh crore deployed in July 2022. On the other hand, wholesale traders raised Rs 4.20 lakh crore in July, up by 14.9% from Rs 3.66 lakh crore raised in July last year.
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It is to be noted that the overall amount deployed to both wholesale and retail trade was 5.7% of Rs 147.82 lakh crore deployed in total non-food credit deployed across sectors in July.
According to the latest survey conducted by the retailers’ body Retailers Association of India (RAI), retail sales for the month of July witnessed a growth of 9% year-on-year vis-a-vis 7% in June.
In region-wise analysis, Southern India had shown a 12% growth in sales, followed by Western India with 9% growth.
The report suggested that the Northern and Eastern parts witnessed a 7% growth each during July this year.
In the overall analysis, Quick Service Restaurant (QSR) and Food & Grocery reported a growth of 15% and 14% respectively. This was followed by jewellery at 12% and sports goods at 11%.
Categorization of retail and wholesale trade was expanded in July 2021 to be included within the MSME definition. This aimed at providing advantages like access to priority sector lending from banks.
Retailers and wholesalers were required to complete their registration on the government’s MSME registration portal called Udyam.
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