The minister also set an export target of $200 billion for 2010-11 with a growth of 15 percent over the next two years, with an overall medium-term objective of 25 percent annual growth thereafter.

India's merchandise exports had fallen short of the target set for 2008-09 and were valued at $168.7 billion, up merely 3.4 percent over $163.13 billion in the year before. Exports were also down 31.3 percent in the first quarter of this fiscal.

Nevertheless, Sharma said, India's share of global goods and services exports now stood at 1.53 percent, as opposed to 0.92 percent in 2003, while its share of global merchandise export was at 1.28 percent.