Indian economy still 'weak', credit growth bottoming out: BofA Securities On the positive side, BofA Securities said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling PTI | January 16, 2021 | Updated 08:53 IST The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses American brokerage BofA Securities on Friday said the Indian economy continues to be "weak", pointing to activity indicators tracked by it. On the positive side, the brokerage said credit demand is bottoming out and the real lending rates adjusted for wholesale price inflation are falling. It can be noted that there has been a slew of reports lately about a stronger recovery being underway after the jolt caused by the pandemic. The government expects the GDP to contract 7.7 per cent in financial year 2021 because of the reverses. "The bad news is that the continued drop in our BofA India Activity Indicator reinforces our view that the economy still remains weak," the brokerage said in a note.