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.

The minister said there were other positive developments as well in India's foreign trade scenario, especially at the special economic zones, which exported goods worth Rs.99,689 crore (nearly $20 billion) in 2008-09, to log a 50 percent growth over Rs.66,000 crore achieved in the previous year.

'This is a remarkable achievement in the current context. In the past five years, exports from special economic zones have grown 620 percent and have attracted foreign direct investment of $2.43 billion.'

Going to some specific measures in the new policy, Sharma said India will hold at least six 'Made in India' shows across the globe, even as diamond bourses will be set up to make the country an international hub for the trade.

'It is a welcome policy,' said A. Sakthivel, president of the Federation of Indian Export Organisations. 'The minister has given us free dollar credit, he has extended the interest subvention scheme, enhanced the focus product and focus market scheme. All this will help exporters.'

Industry lobbies such as the Associated Chambers of Commerce and Industry (Assocham) and the Federation of Indian Chambers of Commerce and Industry (FICCI) also welcomed the overall thrust of the policy and said it rightly focuses on demand creation for Indian products in new markets.