Credit growth in India is expected to moderate to 13-13.5% this fiscal year, but improve slightly to 13.5-14% next year as the economy picks up pace, according to a report by Crisil Ratings. The moderation in credit growth is driven by low demand in wholesale credit, which constitutes 60% of overall credit. Retail credit demand will continue to rise this year, while corporate credit demand is expected to pick up in the next fiscal year due to capex revival.