The incentives given to the export sector in the last fiscal was less than 1 percent of the total exports and there is a urgent need to review the benefits announced in the new Foreign Trade Policy, which is likely to bring down sops further, viewed exporters' association FIEO on Thursday..

Export incentives given under eight promotional schemes: Vishesh Krishi and Gram Udyog Yojana, Focus Market/Focus Product/ Market linked Focus Product  Scheme, Interest Subvention Scheme, Market Access Initiative, Market Development Assistance  (DOC), Market Development Assistance  (MSME) during 2014-15 is estimated at Rs 17,995.81 crore against Rs. 18,97,026 total exports value during the year.

Incentives as a percent of total exports stand at 0.95 percent in 2014-15, 0.75 percent in 2013-14 and 0.63 percent in 2012-13, a FIEO press release shows.

This is a miniscule amount, said FIEO President S C Ralhan, adding that the reduction of rates in Merchandise Export from India Scheme (MEIS) and Service Exports from India Scheme (SEIS) have hit the exporters badly.

In a drastic change of stance in keeping with global trading norms under the World Trade Organization (WTO), the new FTP sought to consolidate all previous export incentive schemes under two: Merchandise Exports From India Scheme (MEIS) and Services Exports From India Scheme (SEIS).

"While we appreciate the move to take exporters away from subsidy but the timing of the move probably is not correct," he added.

The exporters' body viewed that there is an urgent need to review the benefits announced in the new FTP to sustain the exports growth in such a situation when global economies are reeling under intense pressure except for few.

Ralhan further reiterated it is important that the percentage of benefits being given should be increased and if not possible at least the same may be restored at the same level as earlier.

India's exports fell deeper in the negative zone recording a decline of 21 percent in March, the biggest fall in the last six years, pulling down the total shipment for 2014-15 to US $310.5 billion, missing the target.

Exports have been on downward spiral since December last year.