Chief Economy Advisor,CEA Arvind Subramanian said the India's real credit growth has started picking up. His remarks came after the indirect tax receipts jumped nearly 40 per cent provisionally to over Rs 567 billion. Talking to the reporters in New Delhi this morning, Mr Subramanian said that higher indirect tax receipts suggest that the underlying momentum in the economy is improving. On the issue of China's national currency devaluation, Mr Subramanian said that China is trying to boost its economy with Yuan devaluation by taking measures aimed at cutting spread between onshore and offshore rates. He said, India has to take notice of actions taken by China. China's Central Bank yesterday cut the guiding rate for the national currency, the yuan, a record 1.9 percent devaluation, to give a boost to struggling exports.