The government yesterday conceded that it would be difficult to meet the $360-billion export target set for the current fiscal, as global trade continued to shrink and India's major trade markets - the US, Europe, Japan and China - showed no signs of improvement.
The government, however said, that major policy announcements were likely to boost exports that have remained sluggish due to weak global economic conditions.
Commerce secretary S R Rao said it was difficult to achieve the target, but that was where Indian innovation needed to emerge.
He was speaking at a summit organised by Confederation of Indian Industry (CCI) on "Repositioning in the Emerging Global Value Chain," in New Delhi.
He, however, expressed hope that the target of $500 billion trade over the next three years was achievable.
India's export growth has fallen in recent quarters due mainly to a fall in export of petroleum products and slowing demand for Indian shipments in the US and euro zone, where economic problems persisted. The weak trade data had also led to fears of a worsening balance of payments situation and a further depreciation of the Indian rupee against the dollar.