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muted as compared to last year. According to Directorate General of Civil Aviation (DGCA),
63.54 lakh domestic passengers travelled by air in November, which was 20.54 per cent higher
than the passenger traffic in October when 52.71 lakh passengers flew. The domestic air traffic,
however, stands 50.93 per cent lower in November 2020 as compared to November 2019,
wherein 1.3 crore passengers had flown.
9.5 Bank credit growth YoY to services sector had moderated significantly between September
2018 and December 2019. However, credit growth to the services sector was stronger in 2020,
increasing to 8.76 per cent YoY at the end of November 2020 as compared to 4.84 per cent a
year ago (Figure 1(d)). This was driven by growth in sub-sectors ‘Tourism, Hotels & Restaurants’,
‘Transport Operators’, and ‘Other Services’. However, bank credit growth to ‘Professional Services’
and ‘Shipping’ contracted by 24.66 per cent and 20.51 per cent YoY respectively (Table 2).
Figure 1(b): Growth in
Figure 1(a): Services PMI Index
Rail Freight Traffic (YoY)

Source: HIS Markit Economics, Directorate General of Civil Aviation

Figure 1 (c): Growth in Figure 1 (d): Growth in Bank Credit to
Air Passenger Traffic (YoY) Services Sector (YoY)

Source: RBI, Indian Railways