Last updated: Feb 03, 2023 4:33 PM IST
According to the figures provided by the minister in his response, the United States is followed by the UAE ($23.31 billion); the Netherlands ($14.1 billion); China (US$11 billion); Singapore and Bangladesh (about $9 billion each).
The United States became India’s top destination for $59.7 billion of merchandise exports in April-December this fiscal year, Parliament said on Friday.
The United States became India’s top destination for $59.7 billion of merchandise exports in April-December this fiscal year, Parliament said on Friday.
In a written response to the Rajya Sabha, Trade and Industry Minister Piyush Goyal said the government has taken a number of measures to promote the country’s exports.
These steps include extending the existing foreign trade policy until March 31; extension until March 31 next year of the interest rate equalization scheme (subsidy) on export credit in rupees before and after shipment; and roll out the Export Duty and Tax Exemption Scheme (RoDTEP).
According to the figures cited by the minister in his response, the United States is followed by the UAE ($23.31 billion); the Netherlands ($14.1 billion); China (US$11 billion); Singapore and Bangladesh (about $9 billion each).
When asked about start-ups, Som Parkash, Minister of State for Commerce and Industry, said that the Startup India Seed Fund (SISFS) scheme has been underway since April 2021.
“Under the scheme, Rs 477.25 crore has been approved for 133 incubators, of which Rs 211.63 crore has been paid out as of December 31, 2022,” Parkash said.
SISFS is committed to providing financial assistance to start-ups recognized by the Department for the Promotion of Industry and Inland Trade (DPIIT) for proof-of-concept, prototype development, product trials, market entry, and commercialization to enable these start-ups to advance to a level where they will be able to attract investments from angel investors or venture capitalists or seek loans from commercial banks or financial institutions.
Under this scheme, funds are distributed to eligible start-ups through eligible incubators across India.
Similarly, as of December 31, 2022, Rs 7,980 crore has been allocated to AIF 99 (Alternative Investment Funds) under the Startup Funds Fund (FFS) scheme and Rs 3,400 crore has been allocated to AIF 72.
The FFS scheme does not invest directly in start-ups, instead providing capital to SEBI-registered AIFs, known as subsidiary funds, which in turn invest money in growing Indian start-ups through equity and equity-linked instruments.
The Small Business Development Bank of India (SIDBI) was entrusted with the management of this fund by selecting suitable subsidiary funds and overseeing the distribution of committed capital.
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(This story was not edited by the News18 staff and is published from a news agency syndicated channel)