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Big change in income tax structure

February 01, 2023

Big change in income tax structure

The robust growth in credit that has been experienced over several months is expected to sustain, and along with a rise in private capital expenditure, will bring in a virtuous investment cycle, the Economic Survey for 2022-23 has said.

“The credit upcycle will also be aided by constant monitoring of the risks in the financial system by the regulators and their efforts to contain them,” the Survey said, adding that the Reserve Bank of India’s support for growth would ensure sufficient liquidity in financial markets.

The rebound in economic activity in the previous fiscal year following the Covid-19 crisis and a greater degree of financial soundness among banks and corporates had boosted the expansion of credit since June 2021, the Survey said.

The year-on-year (YoY) growth in non-food bank credit sped up to 15.3 per cent in December 2022, with the credit growth broad-based across sectors, the Survey said.

The observations in the Survey come at a time when credit growth has sustained well above growth in deposits, exerting pressure on banks to mobilise funds. As on January 13, credit growth was at 16.5 per cent YoY while deposit growth was at 10.6 per cent.

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budgetcreditIncome Tax

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