"We have missed export target, but did better last year. We are confident of achieving the USD 900 billion export target by 2020 as envisaged in the foreign trade policy," joint secretary (commerce) Sudhanshu Pandey told reporters on the sidelines of a CII event here.
Exports slumped into the negative zone, recording a decline of 21 per cent in March, the biggest fall in the past six years, pulling down the total shipment for 2014-15 to USD 310.5 billion and missing the target by 1.23 per cent.
The exports have been in slow lane across the globe, including China, Pandey pointed out.
The current initiatives taken by the government will yield results in a year, he added.
The government is also working to create a national ecosystem for product standards, he said and asked the industry to provide critical and clear inputs on standards so that the Centre and states can help build exports.
"The country needs to restore the
national ecosystem and then only, the compliance cost of regulation will go down," he asserted.
He said even though developing countries get preferential tariff treatment in developed countries, the advantage is lost due to stringent import requirements and sometimes exports are rejected.
The government has identified 25 sectors under the Make-in-India initiative where standards are harmonised with international ones.