India should aim to increase its merchandise exports to USD 300 billion by 2014 and adopt a multi-pronged strategy to accelerate competitiveness of domestic goods in global markets, Assocham said.

The exports remained downhill for 12 months in a row, declining by 13.8 per cent to USD 13.6 billion in September due to recession in big markets like the US and EU. The exports were valued at USD 185 billion in 2008-09.

"India should be undeterred with the weakened pace of exports and draw up ambitious export strategy of USD 300 billion by 2014 as developing and economies of scale will have completely recovered by then to absorb 'Made in India brands", it said.

Demanding incentives for the exporter, Assocham has suggested creation of separate births on major ports and substantial reduction in existing freight rates.

It has also stressed for exports subsidisation to create more space for Indian products in markets of Africa, Latin America, Nepal, Srilanka, Bhutan, Burma and Bangladesh.

"Export subsidies need to be extended to Indian exporters by substantially reducing excise and local levies and other duties including import duties on inputs required to make finished products for exports," the chamber said.

In the Foreign Trade Policy announced in August, while giving sops like extension of tax holiday schemes the Government had said it would strive to double the exports by 2014.