There’s bad news for the government’s much-touted ‘Make In India’ campaign. Banks’ credit offtake to manufacturers hit an all-time low of R22,335 crore in April-November 2014, show latest RBI data. This was a growth of only 0.9%, the lowest since RBI started detailing sector-wise credit disbursals of banks in 2007. Within manufacturing, the weakest credit offtake was to textiles, which contracted 3.63%. Growth in credit disbursals to sectors such as infrastructure, petrochemicals, glass and glassware, and iron and steel fell to around 2%. Even the services sector has not fared that well, with incremental disbursals of just R32,313 crore, a growth of 2.42%, the lowest since 2009-10.