Current drawn vs Discharge rate of CR3032
So am wondering that if i could even draw draw 200mA from this battery
  and power my project?


No. Coin cells are intended for low current applications such as keeping a real time clock powered. They are not intended to to deliver any significant power. Look at this graph in the datasheet.



Capacity starts rolling off over ~1.5mA. You will have no usable capacity at 200mA, if the battery can even deliver 200mA.


  What exactly does the Discharge rate info convey?


Continuous standard load is basically the maximum constant current load where you can expect to get the rated capacity.