The US has requested for the establishment of a dispute panel to examine the allegations on India's export incentive measures. Seeking consultation under the aegis of the WTO is the first step of dispute settlement process.

The champion merchandise sectors that will get special support from the government include gems and jewellery, leather, textile and apparels.

India's rapid-fire attempts to stem the fast depreciating rupee through 5 rounds of higher import tariffs and anti-dumping restrictions since the beginning of this year don't seem to have delivered.

\"Export trade during August 2018 recorded at $27.84 billion, a positive growth of 19.21 per cent. Exports excluding petroleum also reported a positive growth of 17.43 per cent,\" said Commerce and Industry Minister Suresh Prabhu.

For three consecutive months, India's merchandise exports have shown double-digit growth.

The sharp surge in imports led to worsening of trade deficit to $18.02 billion in the reporting month as against a deficit of $11.45 billion during July 2017.

The consumer confidence survey was for the June round, and conducted in six metros - Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi and had 5268 responses.

The Indian currency plunged 7 paise in trade today compared to yesterday's record low close of 69.05 against the US currency. The currency opened at 69.01 level today

The trade deficit in June 2018 is the highest since November 2014 when the gap was USD 16.86 billion. The deficit in June 2017 stood at USD 12.96 billion.

Despite government initiatives, India's exports have remained below the 2013/14 levels. Exporters' GST problems and rising trade barriers suggest fast growth is unlikely to materialise.