Biz Updates: Industries got 8% more debt in October; growth rate of output of major basic industries decreased

New Delhi| Loans from banks to industries have increased by 8 per cent in October. In October, 2023, the growth rate was 4.8 percent. According to the RBI, the debt of agriculture and related activities has increased by 15.5 per cent, up 17.4 per cent in the same month a year ago. During this period, the growth rate of personal loans declined to 15.8 percent, which was 18 percent a year ago. The main reason for this is the decline in growth in other personal loans, vehicle loans and credit card loans.

Production of eight major basic industries declined to 3.1 percent in October, 2024, due to weak performance of the crude oil and natural gas sector. In the same period a year ago, it was 12.7 per cent. However, the October growth rate is higher than the September, 2024 growth rate of 2.4 percent. According to official data released on Friday, the growth rate of coal sector production declined from 18.4 per cent to 7.8 per cent in October. The growth rates of fertilizer, steel and cement-electricity production stood at 0.4 per cent, 4.2 per cent and 0.6 per cent respectively. In October, 2023, this figure was 5.3 per cent, 16.9 per cent and 20.4 per cent respectively. The production of refinery products increased to 5.2 per cent.

The country’s foreign exchange reserves have declined by $1.31 billion to $656.58 billion in the week ending November 22. In the week of November 15, there was a sharp drop of $17.76 billion. According to RBI data, foreign currency assets have decreased by $3.04 billion in the week of November 22.

Shareholders of Zee Entertainment rejected the proposal to re-appoint Puneet Goenka as director. At the 42nd Annual General Meeting, this decision was taken. The proposal to reappoint Goenka as director received just 49.54 percent of the vote.