The optimism stemmed from the increased confidence of Indian industry and changes adopted by the companies by way of modernisation, he told reporters at the inauguration of Capexil's new office premises here today.

He said during the period April 2004 to January 2005, growth in exports was 25.55 per cent and it stood at 35 per cent in the month of January alone.

By 2009-10, India's total exports in value terms would double to $150 billion from the present $ 75 billion, he said, adding by the end of the decade, India's share of global trade was likely to be 1.5 per cent.

Menon said the sectors which posted high growth in the current fiscal were engineering, gems and jewellery, auto components, pharmaceuticals and textiles.