He said the new trade policy would contain a mix of fiscal incentives as well as simplification of procedures. The government may announce some new measures as well.

The minister has also met representatives of the Federation of Indian Export Organisations (FIEO), export promotion councils and leading exporters as part of the deliberations ahead of announcing the policy.

India's merchandise exports are continuing to decline since October last year - down 33.2 percent at $10.74 billion in April, and 29.2 percent lower at $11.01 billion in May.

Apart from promotional schemes, the government will also work on simplifying procedures for carrying out foreign trade in a bid to save costs and time, Sharma added.