Agriculture is the backbone of the Indian economy and fertilizers play a key role in agricultural prosperity. Whereas, during the decade of 80s, both the agriculture and fertilizer sectors registered phenomenal growth, in the 90s, there has been a significant slow down. In recent years, we have witnessed a virtual stagnation in production of foodgrains and consumption of fertilizers. There is an urgent need to put these vital sectors on to a high growth trajectory to realise the 8% growth in GDP envisaged in the Tenth Five Year Plan. We need to achieve all this within the framework of a liberalised trade and investment environment under the WTO.
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