Hi ,
Thanks a lot for the reply. Really. Thanks a lot. I have done it.

The problem is fixed. Actually the problem was that it was checking for ‘include_path’ in php.ini file of Zend/Core/etc/php.ini whereas we modified the include_path in php.ini file of Apache/php.ini. I executed that phpinfo() file and found out that there were 2 paths.
Configuration File (php.ini) Path C:\WINDOWS
Loaded Configuration File C:\Program Files\Zend\Core\etc\php.ini
In the php.ini shown in the second column, the code was
include_path=".;C:\Program Files\Zend\Core\ZendFramework-0.8.0”.
so I tried commenting this line and added
include_path=".;C:\Program Files\Zend\Core\ZendFramework\library".
Restarted the server and executed a file that included zend framework classes and it worked!!!
The whole problem was because we were modifying the wrong php.ini file yesterday.