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RBI reports increased credit for operations
by Brian TurnerIndian businesses were seeking credit faster in 2004 than they have since the 1990s. This demand for credit came from businesses such as automobile parts manufacturers as well as from the more usual suspects, such as software suppliers and IT services.
According to the Reserve Bank of India (RBI), much of the demand for credit came from Indian companies preparing to expand their operations overseas. Between April 2004 and January 2005 borrowing by medium and large-sized companies went up by Rs322 billion ($7 billion).
By contrast borrowing the year before amounted to Rs 17 billion. The RBI says that although the bulk of the demand came for capital from big businesses such as construction and manufacturing, demand for retail and consumer credit were also a factor in the growth.
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