India Business Updates

The Reserve Bank of India has handed over the export credit subsidy scheme to EXIM Bank, which will provide interest subvention to MSME exporters. The scheme aims to provide financial support to MSME exporters and help them compete in the global market. Some key points of the scheme include:
- Interest subvention of up to 5% on exports
- Eligibility for MSME exporters with a turnover of up to Rs 100 crore
- The scheme will be implemented by EXIM Bank from March 31, 2026.
India has also proposed a BRICS incubator network and startup fund to deepen cooperation in MSMEs and startups. The proposal was made at a trade ministers' meeting, where the ministers finalized a joint declaration to deepen cooperation in MSMEs, photovoltaics, startups, and logistics.
The cost-conscious approach of Indian startups is also being recognized, with some startups raising significant funding. For example, Hulp, an AI-powered personal assistance startup, secured $2.6 million in seed funding co-led by Sparrow Capital and BITKRAFT Ventures.