"We in the ministry have no other option but to aim for 20 percent. There are no indications of anyhing stopping us from getting that," Rao said.
Credit rating agency Fitch Ratings recently said that the government's target of 20 percent growth in exports during 2012-13 would depend largely on the revival of global demand.
During the April-June quarter of this fiscal, exports have declined by 1.7 percent over the first quarter of 2011-12 to USD75.2 billion.
When asked whether the central government would consider setting up of venture capital funds for other sectors, like it has been planning for the pharmaceutical industry, Rao said: "We are looking for value addition in the textile and agriculture sectors."
Commerce and Industry Minister Anand Sharma recently said that the ministry was 'actively considering' an INR2,000 crore (INR20 billion) venture capital fund, to be used mostly to boost research and development in pharmaceutical industry.
"Undoubtedly, it (pharma) is one of the finest sunrise industries in manufacturing. So, the sector requires specific focus and specific support. However, we are doing similar exercises in other sectors also. We would wish to do this analysis, and will certainly take whatever measures are required for sustaining the manufacturing industry because we look at value creation and job creation," Rao said.