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.
Seventh, export growth decelerated sharply to 1.7 per cent in April-June 2001-02 from 26.6 per cent in the three months of 2000-01.