Assertion (A): The rate of growth of India’s exports has shown an appreciable increase after 1991. Reason (R): The Govt. of India has resorted to devaluation.

The correct option is B because while both statements are individually true, the second statement is not the complete or primary explanation for the first. Assertion A is true because following the 1991 Economic Reforms, India moved from a protected economy to a liberalized one. This led to a significant increase in the growth rate of exports due to various factors like the removal of trade barriers, integration with global markets, and the rise of the services sector. Reason R is also true because the Government of India did resort to a two step devaluation of the Rupee in July 1991 to tackle the Balance of Payments crisis. Devaluation makes a countrys exports cheaper and more competitive in the international market. However, R is not the correct explanation for A because the long term appreciable increase in exports after 1991 was not caused by devaluation alone. It was the result of a broader set of structural reforms, including the abolition of industrial licensing, reduction in import duties, and the shift toward a market determined exchange rate system. Devaluation was a specific initial trigger, but the sustained growth was driven by overall liberalization.