The continuing decline in exports would have serious repercussions on the employment scenario and should set the "alarm bell ringing", the apex body of exporters, FIEO, said today.
India's exports went downhill for the tenth month in a row as the government's advance estimates for July showed a decline of 26.2 per cent to $13.6 billion due to a slump in global demand.
For the April-July period, exports plunged by 32 per cent to $49.25 billion from $72.5 billion, an official said.
"Over 30 per cent decline in April-July should start the alarm bell ringing," Federation of Indian Export Organisations president A Sakthivel said.
The government is slated to unveil the Foreign Trade Policy (FTP) later this month. Commerce and Industry Minister Anand Sharma has said the FTP would contain both short and long term measures to help the exporters hit hard by the slump in global demand.
The government has also set up a committee to suggest duty drawback rates, an export incentive for several items.
"There should be an immediate increase in the duty drawback by 5 per cent without waiting for the recommendations of the Drawback Committee, which is likely to take time," Sakthivel said.
Source : Business Standard