India's Commerce and Industry Minister Anand Sharma has said that the bilateral trade between India and Italy is gaining momentum and could reach the target of Euro 15 billion sooner than expected.

Following his meeting with an Italian business delegation led by Italian Economic Development Minister Paolo Romani he expressed confident that the targets would be met and the trade between the two nations are fast gaining speed.

Sharma said: "We have had useful discussions to review the progress in our bilateral relationship. Numbers are important, yes, when we look at the trade, it is substantial; it is growing, registering a growth of over 25 per cent."

He also said that the growth means that the country's are on course to achieve the target of Euros 15 billion sooner than later. He pointed out that the European country could further improve its advanced economy and India can offer great opportunities for investments.

The trade between the two nations last year stood at 8.50 billion dollars and the latest data furthers shows optimism and growth, according to the minister. He pointed out that the Italian businesses could look at the infrastructure sector, which requires an investment of about one trillion dollar between 2012 and 2017.

Italy which hosts many of international top fashion labels would be keen to see the relaxation of terms in single brand retailing in the country. Sharma informed that his government is considering increasing to raise 51 per cent foreign direct investment (FDI) cap in single brand retail.