Growth of Spices Exports of India after New Economic Policy

Abstract

From the late eighties to early nineties, the Indian economy was going through very hard times. The balance of payments deficits were rising at an alarming rate. The external debt ratio was sharply moving up. The economic process, characterized by high and rising inflation rates was inflicting heavy sacrifices on vast masses of the un indexed poor and middle classes. The period up to 1990 was the most momentous period in India’s economy
since independence. The overall economic situation was difficult. Economists were describing the economic crisis as being acute and deep and observed that they never experienced anything similar in the history of independent India. In order to place the economy back on the path of high and sustainable growth, the government introduced Economic Reforms including Liberalization, Privatization, Globalization and Marketization from June 21, 1991. Dr. Manmohan Singh, a reputed economist and the present Prime Minister of India, known as the champion of economic reforms in India, observed that we were creating a macroeconomic environment in which industry speeds ahead with growth rates, generate more jobs and higher levels of wages and incomes through increased productivity. All crises were converted into an opportunity to introduce some fundamental changes in the content and approach to economic policy.