Kathmandu, July 5 -- Nepal's iron and steel exports to India have plunged sharply following the neighbouring country's imposition of safeguard duties, raising concerns over declining export earnings, potential job losses and the prospect of further setbacks as New Delhi considers additional import restrictions.

During the first 11 months of the last fiscal year, Nepal earned Rs15.42 billion from iron and steel exports to India. In the corresponding period of the current fiscal year, exports fell by 68.67 percent to Rs4.83 billion.

The country has lost Rs10.59 billion in export earnings in less than a year due to India's new trade policy. The sharp decline has also raised concerns over lower government revenue and employment losses in th...