The recession hit export sector, facing low demand due to slowdown in traditional markets of US and Europe, may get relief from the government, which is planning to review the trade policy in August.

Union commerce minister, Mr. Anand Sharma confirmed the proposed measures for the export industry and said, "We will see what best we can do to make Indian exports competitive globally. We are working on that."

Export, accounting for a fifth of India's gross domestic product, has been facing serious financial problems due to slump in demand across the globe. The bad days for the industry started since the beginning of global financial crisis in September last year.

Country's export fell an annual 29.2 percent in May which is expected to further decline in coming months as there are little chances of recovery of global trade. The World Bank also painted a gloomy picture of global exports, projecting 6.1 per cent decline in trade this year under the impact of global economic crisis.

Government has already taken some measures, cutting lending rates and offering subsidies to the ailing sector in a bid to prevent job losses.

Mr. Sahma further said, "There were no signs as yet of revival of economies of the European Union and North America. We are also looking at exploring new markets to reduce dependence on our traditional markets."