"I have not revised the export target, but have thrown a challenge to them to try and achieve $100 billion this fiscal itself," Nath said after a meeting with the export promotion councils in New Delhi.
India's exports have increased 20.5 per cent to $43.22 billion during the first half of the current financial year, higher than the 16 per cent growth targeted at the beginning of the fiscal.
"Though the six month growth is more than the annual target, I exhort you to achieve more than last year's growth of 24 per cent," he said.
Asked if the export growth of 7.51 per cent recorded during September was indicative of a slowdown, Nath said traditionally exports tended to slow down in September.
Commerce Secretary S N Menon attributed the slow growth in the month to floods in Mumbai and high base last year.
He assured the councils that the government would provide sufficient time to the exporters to adjust to the new WTO-compatible scheme replacing the Duty Entitlement Passbook Scheme.
Asking the exporters to tap new markets like the CIS, where India's exports are negligible, Nath said the ministry would consider setting up of a sub-committee comprising export promotion councils to obtain inputs from them on regional and bilateral trading agreements.
"We earlier had limited knowledge of economic cooperation and engagements, but now it is the age of bilateral cooperation. Recently, the US signed CAFTA. We also began with Sri Lanka, now we have Thailand and Singapore," he said, urging the councils to provide inputs to the government on how such trade pacts impact them.
According to a review done by the commerce and industry ministry, exports of textiles, leather manufacturers, plantations, electronic goods and project goods during April-August has been below their annual targets.
Textiles exports, including handicraft and carpets, has increased only 9 per cent during April-August against a target of 20 per cent for 2005-06. Similarly, exports of electronic goods has declined three per cent against a 28 per cent target for 2005-06.
Exports in sectors such as sports goods, agriculture and allied products, chemicals and related products, marine and petroleum products have done better than their annual targets.
The ministry also shared the contours of the new scheme to replace the DEPB. The new scheme would reimburse sales tax on petroleum products, electricity duty on power sold to end users and Central sales tax on inputs which cross state borders.
