For the first time in the last ten quarters, loans to small businesses in Gujarat have registered a drop, said a banking report. Advances dropped by Rs 511 crore in the first quarter of the financial year 2019-20 compared to the previous quarter. This is after 10 quarters that outstanding advances have registered a drop and it is for the third time in 12 quarters that outstanding loans had actually declined. At that time outstanding advances dropped from Rs 82,796 crore in Q2 of 2016-17 to Rs 79,816 crore, a decline of Rs 3,980 crore or 3.6 per cent. The auto sector, housing sector as well as most of the sectors of the economy are facing a slowdown.

Source: dna September 27, 2019 00:22 UTC