NEW DELHI — India now enjoys market access to nearly 70 percent of global gross domestic product, with most domestic products entering partner markets at zero duty, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at an event in the capital, Goyal said India has concluded nine free trade agreements over the past three years, covering 38 countries with strong per capita incomes, significantly expanding opportunities for Indian exporters.
He said trade agreements now span most developed markets, including the 27-nation European Union, the four-nation European Free Trade Association bloc, the United Kingdom, Australia, New Zealand, and the United States. Earlier agreements with Japan, South Korea, and ASEAN nations are also part of India’s expanding trade framework.
Goyal urged medical technology startups to look beyond the domestic market and leverage India’s growing network of trade agreements to scale affordable innovations globally. He said such agreements provide access to markets accounting for nearly 70 percent of global GDP.
Affordable and scalable medical technology, he noted, can serve remote regions within India while also meeting demand in markets across Africa, Latin America, Central Asia, Southeast Asia, and developed economies.
The minister encouraged startups to participate in international trade fairs and exhibitions, assuring them of support from the Commerce Ministry. He said Indian missions in more than 190 countries are available to assist innovators, and collaboration with global companies operating in over 100 countries could help Indian firms enter developed markets.
Goyal said scalable medtech solutions can lower costs and improve quality through economies of scale. Referring to startups present at the event, he noted that many had already secured approvals from India’s drug regulator, while some were close to receiving approvals from U.S. regulators, positioning them for international expansion.
He emphasized that innovation must address India’s everyday needs and ground-level challenges, while also calling for greater visibility of entrepreneurial success stories. He urged Startup India, the private sector, and the media to encourage entrepreneurs, including those who may not succeed initially.
Goyal also announced that three new National Institutes of Pharmaceutical Education and Research will be established, alongside the upgradation of seven existing institutes. In addition, a new National Institute of Design will be set up in eastern India, with states invited to submit competitive proposals. (Source: IANS)
