Private banks lead in credit growth

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⭐ Private banks lead in credit growth 

According to data published by RBI, private sector banks continue to maintain the lead in credit growth. For the quarter that ended September 2022, the market share of private lenders in total credit rose to 38.4% from 37.5% a year ago. Meanwhile, India’s overall credit growth accelerated to 18% during the same period, mainly due to pent-up demand and economic upturn. 

⭐ India’s airbag industry to grow

According to a new report, India’s airbag industry could perform well in the coming years. The industry size of airbags, a critical safety feature in vehicles, could grow at a CAGR of 25-30% in the next four years. It is expected to reach ₹7,000 crore by 2027 from the current level of ₹2500 crore. A voluntary increase in the number of airbags per vehicle as well as  regulatory requirements could drive this growth.   

⭐ Global slowdown to dampen merchandise export 

India’s merchandise exports could see a decline of over 2% in the current fiscal year, as per a new report. This could be due to slowing global growth and demand. India’s merchandise exports grew by 11.1% in the first eight months of FY23 to touch $295.3 billion. 

Global markets (at 8:30 AM today)

Fact of the day

According to Zomato’s 2022 trend report, biryani was the most-ordered dish of the year, followed by Pizza. 

Source: Money Control