The director general of foreign trade RS Gujral had last month indicated to the media that exports had taken a bad hit in October and might have fallen by as much as 15 per cent. Department of Commerce has, since, been in discussion to formulate a stimulus package to provide immediate relief to the export sector. Commerce secretary GK Pillai, too, had said late last month that the crisis in the export sector could take a heavy toll on the jobs in these industries. Quoting textiles ministry estimates, he had said that the textiles sector could lose as many as 5 lakh jobs over the next five months. With commerce ministry's proposal ready, now the matter will be taken up by a committee of secretaries chaired by cabinet secretary KM Chandrasekhar, which will then forward its proposal to the apex committee of ministers headed by the Prime Minister for its approval.

Import growth, too, has slowed down, with total imports registering a growth of only 10.6 per cent, with oil imports registering a growth of 22 per cent and non-oil imports a dismal 5.5 per cent. While the slowdown in oil imports may be the direct fallout of the sharp decline in international crude oil prices, the slowdown in non-oil imports is a cause for concern, Ajay Sahai, director general of Federation of Indian Export Organisations (FIEO) told The Indian Express. Sahai added FIEO does not expect exports to pick up any time soon.