Fifth, there has been lower off-take of nonfood credit from the banking system, especially since January 2001. Sixth, imports declined by 0.2 per cent in 2000-01 as against an increase of 17.3 per cent during 1999-00. Non-oil imports declined by 8.5 per cent as compared with the increase of 3.2 per cent in 1999-00.
By the same token, on the contrary to the common belief, the situation in which the CPI records a 2-percent increase on a year-on-year basis in a stable manner is not at all a situation in which prices are rising substantially.