ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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PANCHAYATS-Cosmetic Change

depreciated further in the next two years, the pick-up in exports began only in 1993-94. after the economic recovery in the major industrial countries, particularly the US, Canada and the UK. The experience of the latter half of the 1980s had been identical. During the four years from 1987-88 to 1990- 91 the volume index of exports expanded by 60 per cent compared to the rise of 50.7 per cent during 1990-91 to 1994-95. The earlier achievement also followed real depreciation of the rupee of about 37 per cent, though the export growth could not be sustaiged when the world economy went into a recession. Given the heavy dependence on imports for such basic inputs as crude oil and petroleum products, fertilisers, metals and metal products as well as for capital goods, the option of aggressive devaluation to promote labour- intensive exports is strictly limited.

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