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 inflation are falling.

“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.

The indicator fell (-) 0.6 per cent in November on top of the (-) 0.8 per cent decline in October.