5.4. Fall of USSR (Union of Soviet Socialist Republics)

The USSR and the East European countries had over time become the major markets for Indian consumer goods exports. At the end of 1990, political system of these countries collapsed. Most of these countries became market economies. India had to open up trade with these countries on the basis of its ability to compete. It had to compete in the global market to retain its share of exports. India had, therefore, to reorganise its own policies to find a share in the world market.