The government, preparing a new business-friendly foreign trade policy (FTP), will take measures to help the ailing export sector, including labor incentive segment, currently reeling under huge financial pressure due to worldwide slowdown.

Union Minister of Commerce and Industry Mr. Anand Sharma, during his recent interaction with representatives of various trade bodies, said: "We hope that after consultations with the Finance Minister, Pranab Mukherjee, we will be able to give more encouragement, possibly in the new FTP."

Assuring full support to industry, Mr. Sharma said: "The Government is fully geared up to tackle the export situation and it is being monitored at the highest levels. Steps have been taken; steps will be taken and those will get clearly reflected in the new FTP."

Meanwhile, Harsh Pati Singhania, the President of Federation of Indian Chambers of Commerce and Industry (FICCI), A. Sakthivel, the President of Confederation of Indian Industry (CII) and leaders of various export promotion boards apprised the Union minister regarding the problems being faced by the industry due to global slowdown.

It is to be noted that exports declined about 30 per cent in the first quarter of 2009-10 as the demand of Indian items in the traditional export destinations fell sharply due to global recession.