New Delhi: Union Minister of Commerce and Industry Piyush Goyal on Thursday called upon India’s medtech startups to expand beyond the domestic market and leverage India’s growing network of Free Trade Agreements (FTAs) to access global opportunities.
Addressing the Pfizer INDovation Startup Showcase Programme in New Delhi, the minister said affordable and scalable medical technologies developed in India have the potential to serve not only remote parts of the country but also international markets.
Goyal highlighted that nine FTAs concluded over the last three years now cover 38 countries. He said these agreements provide India with market access to nearly 70 per cent of global GDP, with Indian products benefiting from mostly zero-duty access in many markets.
He listed key trade partners and blocs with which India has agreements, including the 27-nation European Union, the four-nation European Free Trade Association (EFTA block), the United Kingdom, Australia, New Zealand and the United States. Agreements with Japan, South Korea and ASEAN nations had been concluded earlier.
The minister, according to an official release, urged startups to actively participate in global fairs and exhibitions, stating that international exposure is critical for scaling businesses. He assured that the Commerce Ministry would support delegations and noted that Indian missions in more than 190 countries are available to assist innovators exploring overseas markets.
Goyal also encouraged collaboration between Indian startups and global companies operating across multiple countries, saying such partnerships could help innovators access developed markets and strengthen technological capabilities. Emphasising the economic benefits of scale, the minister said affordable and scalable medtech products can significantly reduce costs while improving quality through economies of scale.
He called for greater visibility of entrepreneurial success stories and urged Startup India, the private sector and the media to continue supporting entrepreneurs. “Failure is not a stigma but a stepping stone to success,” Goyal said, citing the example of Abraham Lincoln’s journey before becoming President of the United States.
Goyal referred to the Andhra Pradesh MedTech Zone (AMTZ) near Visakhapatnam and expressed interest in establishing a similar facility in North India. He suggested that such a hub could be developed in states like Rajasthan or Uttar Pradesh, or within National Industrial Corridor Development Corporation (NICDC) projects, with dedicated land and co-working spaces for medical device startups.
He also proposed setting up tinkering laboratories in nearby schools to create a broader innovation ecosystem.
Announcing institutional support measures, the minister said three additional National Institutes of Pharmaceutical Education and Research (NIPERs) would be established, alongside the upgradation of seven existing NIPERs. He further announced that a new National Institute of Design (NID) would be set up in East India.
Highlighting incentives for intellectual property filings, Goyal said startups receive an 80 per cent rebate on IP-related fees. He assured entrepreneurs of continuous support through a dedicated Startup India team.
Goyal noted that more than 200,000 startups are registered in India and reiterated the government’s commitment to making India a reliable and trusted global partner in innovation.
Concluding his address, the minister quoted Prime Minister Narendra Modi’s Independence Day message encouraging young innovators to bring forward their ideas, stating that the government stands ready to partner with them.
