ICRA lifts India’s FY26 credit growth forecast to ₹21 trillion
ICRA has raised India's credit expansion forecast for FY26 to ₹19.5 to ₹21 trillion, citing stronger demand driven by GST cuts, improved liquidity from CRR reductions, and early festive spending. The rating agency said retail and MSME sectors will lead growth, while banks maintain stable asset quality despite a slight rise in non-performing advances.