Responding to recently released revised forecast of 4.7% increase in global trade in 2014 and 5.3% in 2015, FIEO President M Rafeeque Ahmed said that projected growth in global trade is a very positive sign for Indian exports as the same has been a key factor in driving our exports.

"There should be a minimum of 10% increase in exports in 2014," Ahmed said, adding that on a rough estimate India's exports growth has been more than double the global trade growth.

Substantiating his view point, Ahmed said that the world trade grew by 7.35% on an average basis between 2005-2013, while India's export jumped by 15.66% on an average basis in the same period. "However, since we recorded only a modest growth of about 4% in 2013-14," said the FIEO chief, "we should look at 15% increase in exports taking exports to US$ 360 bn in 2014-15".

Ahmed said that manufacturing, which has declined by 0.7% in Apr-Feb period, needs to be promoted at all cost and we have to see that the share of manufacturing in GDP increases continuously to touch to 25% by 2020. "The new Foreign Trade Policy should initiate measures for competitive manufacturing in the country both for augmenting exports and substituting imports," he added.

India's exports grew by a sluggish 3.98% to USD 312.35 billion in financial year ended March, missing the official target of USD 325 billion.