On being prompted by a well-wisher, I checked my information on ‘Non-food credit’ vs. ‘Credit to Industry’. Dr. Shourie was right. ‘Credit to Industry’ was growing at an annual rate of around 3.5% only, as per newspaper reports, in mid-April. Non-food credit includes personal and commercial/industrial loans. Nonetheless, the broader point about the investment cycle and the culpability being more with the private sector’s balance sheet woes and the previous government, remains.