Slowing import of gold and silver, capital goods and bulk consumption items are pulling down India's import of non-oil products, says an RBI report.
"Non-POL (petrol, oil and lubricants) imports witnessed moderation in growth, mainly due to deceleration in imports of capital goods, gold and silver and bulk consumption goods," it said.
The share of silver and gold in India's total imports has fallen to 7.2 per cent in April-December 2008-09 from 8.4 per cent in the same period previous year, it said.
Capital goods imports also dipped to 21 per cent in the period from 23.9 per cent, it added.
The non-oil imports during March dipped by 18.92 per cent to $11.75 billion from $14.49 billion, while in the fiscal 2008-09, the imports grew by 13.2 per cent to $194.58 billion from $171.19 billion.
Meanwhile, the country's exports shrank in March by 33.3 per cent to $11.51 billion, for the sixth month in a row, amidst demand recession in major global markets such as the US and Europe.
The growth in gems and jewellery exports recorded a sharp deceleration to 0.1 per cent during April-December 2008 from 26.8 per cent a year ago, the RBI said.
Source : Business Standard