India’s Commerce and Industry Minister, Piyush Goyal, announced that India now has access to 70% of the global GDP market, often with zero duty on local products. Over the past three years, India has finalized nine Free Trade Agreements (FTAs) with 38 countries, including major markets like the EU, EFTA, UK, Australia, New Zealand, the US, Japan, Korea, and ASEAN nations.
Goyal encouraged medical technology startups to explore international markets leveraging India’s expanding trade agreements, covering a significant portion of the global GDP. He emphasized the potential for affordable innovations to serve both domestic and international markets, including regions like Africa, Latin America, Central Asia, Southeast Asia, and developed economies.
The minister highlighted the importance of scalable and affordable medical technology in reaching remote areas of India and accessing global markets. He urged startups not to limit themselves to the domestic market but to participate in global exhibitions and fairs to expand their reach and collaborations with global companies.
Goyal assured support from the Commerce Ministry for delegations and highlighted the availability of assistance from India’s missions in over 190 countries to aid innovators. He stressed the role of innovation in addressing everyday needs and ground-level challenges in India, emphasizing the need to showcase success stories and support entrepreneurs.
