18 SOCIAL SCIENTIST intensified immiserization of toiling women in the rural areas and created tremendous food-shortages (Patel, 1982). PERFORMANCE OF THE INDIAN ECONOMY AND IMPLICATIONS OF 1991-92 BUDGET During 1991-92, the Indian economy's achievement is reported to be 1.5% rate of growth of Gross National Product (GNP). But, when we examine the sectoral profile, the picture is dismal. Table 1 A. Value addition in the agricultural sector—0.8% (Decline in foodgrain production from 176.2m tonnes to 171m tonnes and coarse cereals, grown and eaten by the poorest, production from 31.1 tonnes to 29m tonnes). B. Growth in Industrial production -0.4% Manufacturing sector -2% Electrical machinery production -17.3% Metal products -7.2% Leather and fur products -5.4% Textile products -3.6% Transport equipments and spare part -4.4% Rubber, plastic, petroleum products -1.6% Wood products -2.5% C. Growth in the service sector +5.2% (financing, insurance, business, trade, storage. Hotel transport, the armed forces, public administration) Source: Research Unit for Political Economy, Bombay, 1992. The above table reveals that there is recession in the agricultural and industrial sectors and growth in the service sector. Decline in agricultural and industrial production signifies that millions of workers (both men and women) have been retrenched and have lost the purchasing power to procure the bare necessities of life. Budgetary allocation for 1991-92 and the projected budgetary provision for 1992-93 have a direct bearing on women's survival struggle. Fiscal and monetary policies pursued under the stabilization programme demand 'item by item' closer examination in terms of their gender implications. (i) Prices of Essential commodities and Public distribution system (PDS): IMF survey (May, 1992) in its report on Asian Developing Countries commented that south Asia recorded the highest inflation rates in the region, with Pakistan in particular and Bhutan, India, Myanmer and Nepal all recording higher inflation rates in 1991 than in 1990. As compared to 1990, India, Bangladesh, Myanmar and Sri Lanka experienced slower growth. India has faced steep rise in prices of essential items. As the following table shows, both consumer price index (CPI) and wholesale price index have risen within a year. On 29-9-1991, the annual price rise in cereals was running at 28.4%, it rose to 33% by June, 1992. The burden of galloping inflation,