Semi-urban, rural areas recorded robust growth

Mumbai: Demand for retail credit in India’s semi-urban and rural regions continued to rise in April-June this year, reflecting the higher level of consumption even as overall credit demand in the country from younger consumers (aged 18–35) declined during the quarter, according to a TransUnion CIBIL report released on Wednesday. The recent RBI interest rate cuts combined with the reduction in Goods and Services Tax (GST) rates and increased demand due to the upcoming festive season, are expected to boost consumer spending and stimulate lending momentum, the report states.