The government was also confident of reaching the target of $150 billion export, much ahead of the 2008-09 schedule, Elangovan said at a seminar on 'Post Foreign Trade Policy', organised by Capexil (formerly Chemicals & Allied Products Export Promotion Council).
This would mean doubling of India's share in world trade, he added. Last fiscal, India achieved exports of $80 billion, a growth of 24 per cent, against a target of $75 billion, the Minister informed.
On the new Foreign Trade Policy, he said it was built around two major objectives: to double the percentage share of global merchandise trade within the next five years and to act as an effective instrument of economic growth by giving a thrust to employment generation.
Addressing the concerns of industry on free trade agreements and regional trade agreements, Elangovan said the department of commerce had established a grievance cell to look into complaints relating to FTAs/RTAs.
"The objective of this cell is to understand the grievances of the industry in trade in consultation with other ministries and resolve them. The specific complaints received are being looked into," he said.