Industrial credit's share in total bank credit has significantly declined from 42% in 2013 to 23% in 2024, with services sector credit, particularly personal loans, seeing a rise. Nominal industrial credit growth has been notably low in the last decade (4.1% CAGR 2014-24), a stark contrast to previous decades. This trend is observed across major industrial regions and industry groups, with none experiencing double-digit credit growth recently. Bank credit as a proportion of GDP has also plateaued.