But there is little evidence of significant growth in manufacturing employment leading to emerging doubts in the inclusive nature of this growth. The current high industrial growth is reflected in the acceleration in growth of bank credit in recent years.
Average growth in non-food credit between 1970 and 2000 had been 16.9 per cent, which had been seen as evidence of finance led industrialisation by some (Bell, 2001). In the period of industrial slowdown, 1998 to 2002, annual growth in non-food credit had also slowed to 14.5 per cent - leading to my comment on "lazy banking".