India has set an ambition of achieving $660 billion merchandise exports by 2015, maintaining an annual growth rate of at least 23 per cent.
The growth optimism is based on the performance in the last four years, which saw exports more than double from $63 billion in 2004 to $155 billion in 2007-08.
"Our exports are not just double of what they were four years ago, but two-and-a-half times of that. The average cumulative annual growth rate (CAGR) at 23 per cent was way ahead of the average growth rate in international trade," a Commerce Ministry document said.
For the current year, the government has fixed a target of $200 billion, and by 2010 exports are expected to cross $234 billion.
India accounted for 1.5 per cent of the global trade in 2007-08, with merchandise trade aggregating to $400 billion. With the addition of services, "our commercial engagement with the world was about $525 billion which is equivalent to 50 per cent of our GDP".
The ministry document, which has been sent to the 13th Finance Commission, said India is committed to achieving a five per cent share in world trade by 2020.
"In practical terms, this means a four-fold increase in our percentage share in the next 12 years. Considering that the world trade is itself increasing, this would translate into an eight-fold increase in absolute terms," the document said.
Exporters share the government's confidence but want a helping hand to achieve the ambitious target. "The targets are achievable provided an export-friendly environment is created to make our products globally competitive," President of the Federation of Indian Export Organisations Ganesh K Gupta said.
