Exports fell by 20 percent in May to $22.34 billion. This is the sixth straight month that our overseas shipment saw negative growth. In April the decline rate was 14 percent and in March it was 21 percent. Needless to say the situation demands urgent attention. Otherwise the economy is sure to be hit.

Some experts are pointing out that petroleum and gems and jewellery have impacted the export figures. It is true to a great extent, but I think this cannot be a source of relief. Even if we exclude these two items from our export basket still we find an export decline of 9 percent in May and of 5.7 percent in April. So, we cannot be complacent just by making oil and gold prices responsible for the ongoing decline in our foreign trade. The problem is somewhat deeper and lies in lack of competitiveness of India's exports.

It is right time for the government to take some urgent steps to prevent this downfall. First of all, export competitiveness must be increased. I think we need to cut down red tape and regulations further. In addition, transaction and logistics costs have to be brought down. Exporters' association FIEO has demanded that the government should come up with an immediate relief package for the sector. It has also sought urgent reintroduction of the interest subvention scheme and timely relief of export benefits. Another industry body ASSOCHAM, on the other hand, has called for some kind of strategy jointly devised by the ministries of Commerce and Finance. We must not sit idle and just watch.

It has been reported that the Commerce ministry is preparing a strategy to boost exports of agriculture products on the background of negative exports of six key products in 2014-15. Tea, spices and tobacco exports declined 16 percent, 1 percent and 5.2 percent respectively while cereals, oil meals and fruits and vegetables registered a negative growth of 27.33 percent, 52.73 percent and 8.85 percent respectively in the year. The step is a welcome one, but I think a similar approach should be taken urgently with regards to items like engineering goods, gems and jewellery, organic and inorganic chemicals, pharmaceutical, leather, etc.

I invite your opinions. What steps do you want the Centre to take to prevent the ongoing downfall in our exports?