US has emerged as India's largest goods export destination in April-December 2022

US india
India's largest goods export destination

In a written reply to the Rajya Sabha, Commerce and Industry Minister Piyush Goyal said the government has taken several measures to promote the country's exports.

The measures include the extension of the current foreign trade policy until March 31; the extension of pre-rupee and post-rupee export credit interest equalization scheme (subsidy) till March 31 next year; and the implementation of the system of Refund of Taxes and Taxes on Exported Products (RoDTEP).

According to the minister's answer, the United States was followed by the United Arab Emirates ($23.31 billion); Netherlands ($14.1 billion); China ($11 billion); Singapore, and Bangladesh (about $9 billion).

Answering a question on startups, Commerce and Industry Minister Som Parkash said that the Startup India Seed Fund Scheme (SISFS) has been implemented since April 2021. "Under the scheme, Rs 477.25 crore has been sanctioned for 133 incubators, of which Rs 211.63 crore has been disbursed till December 31, 2022," Parkash said. The purpose of SISFS is to provide financial support to the department to promote start-ups recognized by the Department of Industry and Internal Trade (DPIIT) for proof of concept, prototype development, product trials, market-entry, and commercialization so that these start-ups can graduate to a level where they can obtain investment from angel investors or venture capitalists or apply for loans from commercial banks or financial institutions.

The scheme disburses funds to eligible startups through eligible incubators across India. Similarly, as on 31.12.2022, under the Fund of Funds for Startups (FFS) programme, 7,980 crore rupees have been allocated to 99 alternative investment funds, and 3,400 crore rupees have been disbursed to 72 alternative investment funds. The FFS scheme does not directly invest in startups, but provides capital to SEBI-registered alternative investment funds, or affiliate funds, which in turn invest money in growing Indian startups through equity and equity-related instruments. The Small Industries Development Bank of India (SIDBI) has been authorized to manage this fund through appropriate subsidiary funds and to monitor the expenditure of allocated capital.

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