This time the government is likely to unveil a new 'different' Foreign Trade Policy by September-end; Minister of State (Independent Charge) Commerce and Industry Smt. Nirmala Sitharaman informed media at a press conference in New Delhi on Wednesday.

"New Foreign Trade Policy to be unveiled very soon, which will be different from earlier policies," Sitharaman said, without giving further details.

"The New Foreign Trade Policy (FTP) (2014-19) is on the anvil, which would include strategy, goals, road maps and timeframe for increasing exports," she said.

"This would be comprehensive and composite, focussing on; products which are winners and potential winners, targeted global engagements, branding and packaging measures etc.," she added.

The minister informed that the merchandise Exports registering double digit growth for the month of May and June (12.4 percent and 10.22 percent respectively) and 7.33 percent for July, 2014.

India's share in world trade (Merchandise and Services) has increased from 1.77 percent in 2008 to 2.27 percent in 2013. Our goal is to raise this to 3.5 percent by 2018-19.

During year 2013-14, total value of exports was US $ 465.90 billion with Merchandise and Services Exports comprising of US$ 314.40 billion and US $ 151.5 billion respectively. The target for total exports for year 2014-15, is US $ 500 billion with Merchandise and Services Exports expected to be US $ 340 billion and US $ 160 billion respectively.

As per the current rankings, India is the 19th largest exporter (with a share of 1.7 percent) and 12th largest importer (with a share of 2.5 percent) of merchandise trade in the world. In Commercial Services, India is the 6th largest exporter (with a share of 3.3 percent) and 7th largest importer (with a share of 2.9 percent).

She said that the year 2013-14 was in many ways a year full of challenges and opportunities. A series of international events including the impact of Euro Zone Crisis and the global slowdown had a major impact on our economy and exports.

While the global environment still remains challenging, policy action in India has been repositioned so as to better tackle the negative impact of external shocks.

The growth momentum and export competitiveness has picked up as government has instilled greater confidence among businesses. The improved outlook and pro-active policy environment will help boost exports and bring India on the trajectory of greater economic growth, added Sitharaman.