However, despite of exhibiting encouraging exports growth, India's exports performance at the international stage is still not that much significant and suggests lot of scope to excel further with increased share in world exports, said Jaipuria.

This is apparent in the recent World Trade Report, 2014 of WTO wherein, India with total exports of around USD 313 bn and 1.7 percent share in world exports is ranked at the 19th position amongst the World's top 20 leading exporters. While, China with total exports of USD 2209 bn & 11.7 percent is the leading merchandise exporter followed by US (8.4 percent), Germany (7.7 percent), Japan (3.8 percent), and Netherlands (3.6 percent).

To become internationally competitive, Jaipuria suggests commodity composition of the country to be focused for diversification with the inclusion of more and more commodities in export baskets. Contrary to increasing market diversification of India’s exports, product diversification of India’s exports has reported a fall from 57 percent in FY2004 to around 64 percent in FY2014.

For this, the country needs to provide facilitation to exporters to diversify the composition of export basket with enhanced knowledge of foreign markets regarding demand for goods across borders.

More and more information about the world demand dynamics would help exporters to enhance their export baskets and manufacturers to enhance their production possibility frontiers, said Jaipuria.

Further, India needs to enhance its productivity in the manufacturing sector with a major focus on research and development and new product innovations.

He suggested that manufacturing processes in the country should be facilitated with the simplification of procedures and ease of doing business. Industrial infrastructure especially, the export infrastructure needs to be enhanced in terms of capacity expansion of ports, state of the art facilities in the railways and improved quality of roads.

The improvement in industrial infrastructure will not only improve the manufacturing competitiveness in India but also enhance its export competitiveness in the international markets, said Jaipuria.