India’s exports stayed downhill for the tenth month in a row, as estimates for July showed a decline of 26.2 per cent to $13.6 billion due to a slump in global demand.
Exports in the same month last fiscal were worth $18.4 billion. For the April-July period, exports plunged by 32 per cent to $49.25 billion from $72.5 billion, an official said.
While exporters’ shipments have been declining since October 2008, the only consolation is that the rate of drop has been slightly arrested since June.
Concerned over the plight of exporters, the government is likely to give more sops in the Foreign Trade Policy expected to be unveiled later this month.
The government has already extended some help by way of interest subsidy and insurance cover.
The high-level Board of Trade also met yesterday and reviewed the situation. However, it is realised that the government cannot do much in creating demand for Indian products in the recession-hit markets of the West.
