New Delhi: India now has market access to 70 per cent of global GDP, in most cases at zero duty for domestic products, Union Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking at an event here, Goyal said that nine Free Trade Agreements (FTAs) have been concluded in the last three years, covering 38 countries with strong per capita incomes, and most developed markets now have trade arrangements with India.
“Agreements include the 27-nation EU bloc, four-nation EFTA bloc, the UK, Australia and New Zealand, the United States of America, while Japan and Korea were concluded earlier, along with ASEAN nations,” the minister said.
He also urged medtech startups to look beyond the domestic market, leverage India’s expanding trade agreements covering nearly 70 per cent of global GDP, and scale affordable innovations to serve both India and the world.
The minister emphasised that affordable, scalable medical technology can help reach the remotest parts of India and also access global markets across Africa, Latin America, Central Asia, Southeast Asia and developed economies.
According to the minister, startups should not limit themselves to the domestic market and should participate in global fairs and exhibitions.
He assured that Commerce Ministry would support delegations and that India’s missions in over 190 countries are available to assist innovators. He also encouraged collaboration with global companies, present in over 100 countries, to access developed markets.
Affordable and scalable medtech products can reduce costs and improve quality through economies of scale. Referring to startups present at the programme, he noted that many had secured CDSCO approvals and some were on the verge of receiving FDA approvals, enabling them to expand internationally.
Innovation must address India’s day-to-day needs and ground-level imperatives.
The minister underlined the importance of showcasing success stories and urged ‘Startup India’, the private sector and the media to encourage entrepreneurs, including those who may not succeed initially.
Three more National Institutes of Pharmaceutical Education and Research (NIPERs) are being established alongside the upgradation of seven existing NIPERs. A new National Institute of Design (NID) will be set up in East India, with states competing to provide the best proposal.
(IANS)
