This announcement is significant as the country's economic growth has been hit by a dramatic consumption slowdown, which has dampened demand for consumer durables
. The ongoing slowdown in lending by non-banking financial companies (NBFCs) has worsened the situation.
expanded at 17.6 percent as compared to a contraction of 9 percent a year earlier.
The consumer durables
market in India is estimated to have reached Rs 1 trillion (US$ 15.5 billion) in 2017.
Summary: Unsecured credit, such as personal or consumer durables
loans, has made a strong comeback.
In the last quarter of 2015, sales jumped by 25 percent due to strong market performance of both consumer durables
and building solutions, CIC chair and CEO Raul Joseph Concepcion said in a disclosure to the Philippine Stock Exchange Wednesday.
Personal investment is a new category that is created from investment in consumer durables
in personal consumption expenditures and residential investment, which is categorized under gross business investment in the NIPAs.
goods output expanded at 11.4 per cent in July compared to a contraction of 20.4 per cent in the same month last year.
Scrips of sectors like metal, consumer durables
, oil and gas, capital goods and realty came under sustained selling pressure.
"We have already had tech and fashion retailing transcend brick-and-mortar and get a significant amount of support online -- the category of consumer durables
is ripe to go through a similar transition."
The India-based bank said that it has cut its interest rate on vehicle and consumer durables
Indian stock markets surged for a second straight session on Friday helped by gains in consumer durables
, healthcare and banking sector shares.