The continued slide in India's exports is causing sleepless nights for the country's exporters who are pleading the government to announce hard- hitting measures to help revive the competitiveness of India's outbound shipments.
India's exports fell for the eighth straight month, declining by 10.3 per cent to USD 23.13 billion in July 2015 as heightened global economic uncertainty sapped the appetite for the country's shipments in foreign markets, while reduced value of petroleum products amid the collapse of crude oil prices has also piled on the pain for exporters.
"Continuous fall in exports is a matter of great concern and the troubles may even increase in the coming months since the global demand remains quite subdued, with the exception of the US markets," engineering exporters' body EEPC India Chairman Anupam Shah said.
"The government needs to immediately step in and chalk out a strategy for giving a competitive edge to the Indian exporters," he added.
In July 2014, the country's outbound shipments stood at USD 25.79 billion. After a 7.27 per cent rise in November, India's exports have remained in negative terrain every month.
While fears over US policy tightening and Europe's never ending debt troubles have spooked global markets, exporters are also worried that a massive depreciation of the Yuan may make Indian exports less competitive, prompting a continued slide in the value of the country's outbound shipments.