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Growth broad basing with most sectors at pre-Covid levels: FICCI-IBA survey

A total of 25 banks including the public sector, private sector, and foreign banks participated in the survey.

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New Delhi: Days ahead of the official release of gross domestic product (GDP) data for the April-June (Q1) period of the current fiscal, a FICCI-IBA survey on Monday said that growth has been broad-basing with most sectors operating at pre-pandemic levels.

The survey carried out by the industry body FCCI together with Indian Banks’ Association (IBA) said that the contact-based services sector which was most severely impacted by the pandemic waves is also seen gaining traction.

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The 15th round of the FICCI-IBA survey was done for the period January to June 2022. A total of 25 banks including the public sector, private sector, and foreign banks participated in the survey.

“Despite a muted start of the year with the Omicron wave taking over, the economic activity in India remains in recovery mode. Growth is seen as broad based on most sectors operating at pre-pandemic levels. The contact-based services sector, which was most severely impacted by the pandemic waves, is also seen gaining traction,” it said in a press release.

The National Statistical Office (NSO) will release the quarterly GDP estimates for the quarter April-June 2022 (Q1 2022-23) on August 31, 2022.

As per the FICCI-IBA survey findings, long-term credit demand have been growing for sectors such as infrastructure, chemicals, food processing, metals, iron & steel, and petroleum products.

The survey showed infrastructure witnessed growth in credit flow with 76% of the respondents indicating an increase in long-term loans as against 68 percent in the previous round. In the case of chemicals, 52 percent of the respondents indicated an increase in long-term loans in the current round as against 32 percent in the previous round while the petroleum products sector was indicated by 40 percent of the respondents, in the current round as against 27 percent in the previous round.

The survey suggested that the outlook on expectation on the growth of non-food industry credit over the next six months is optimistic with 48 percent of the participating banks expecting non-food industry credit growth to be above 10 percent as compared to 13 percent who reported likewise in the previous round.

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