Piyush Goyal Urges MedTech, AI and Manufacturing Startups to Go Global

India’s startup story has often been told through funding milestones, unicorn valuations, and rapid digital adoption. But a quieter, more strategic shift is now taking place—one that could redefine how Indian innovation competes globally.

This week in New Delhi, that shift found a powerful voice.

At the Pfizer INDovation Startup Showcase Programme, Union Commerce and Industry Minister Piyush Goyal delivered a clear message to India’s entrepreneurs—especially those in MedTech, AI, and manufacturing: the world is open, and Indian startups must think beyond borders.

Trade Pacts Have Opened 70% of the World’s GDP

India’s recent trade diplomacy, the Minister said, has fundamentally altered the playing field.

Over the last three years, India has concluded nine Free Trade Agreements (FTAs), covering 38 countries. These include high-income and developed markets such as:

• The European Union

• The United Kingdom

• Australia

• New Zealand

• The EFTA bloc

• Japan

• South Korea

• ASEAN nations

Together, these agreements now provide Indian businesses access to nearly 70% of global GDP, largely at zero duty.

“India now has market access to 70 per cent of the world’s GDP, in most cases at zero duty for Indian products. Huge markets have opened up, and the world is your stage now,” Goyal said.

For startups—particularly in deep-tech and MedTech—this changes everything. What was once a domestic-first journey can now become a global-first strategy.

The Minister urged founders to actively explore Africa, Latin America, Central Asia, Southeast Asia, and advanced Western economies. He assured that India’s diplomatic missions across more than 190 countries, along with government trade delegations, would provide full support.

MedTech and Deep-Tech: India’s Next Global Export Engine

Among the sectors highlighted, MedTech stood out.

India’s healthcare innovation ecosystem has been quietly maturing. Several startups have already secured approvals from the Central Drugs Standard Control Organisation (CDSCO), and many are close to receiving US FDA approvals—an entry ticket to some of the most sophisticated healthcare markets in the world.

Goyal underscored a uniquely Indian advantage: affordability at scale.

Affordable, scalable medical technology can dramatically improve healthcare access in remote and underserved regions. At the same time, scale economics can make Indian products globally competitive.

“Affordability and last-mile delivery will be India’s cutting edge,” he noted.

For a country that has built global trust in pharmaceuticals and vaccines, MedTech could be the next frontier.

Building the Backbone: Institutional Support Expands

Beyond trade agreements, the government is strengthening the ecosystem’s physical and institutional backbone.

Goyal announced:

• Establishment of three new National Institutes of Pharmaceutical Education and Research (NIPERs)

• Upgradation of seven existing NIPERs

• A new National Institute of Design (NID) in East India to boost product design, quality, and marketability

He also proposed replicating the Andhra Pradesh MedTech Zone (AMTZ) model in North India—possibly in Rajasthan or Uttar Pradesh.

AMTZ has become a pioneering cluster for medical device manufacturing, offering shared infrastructure, regulatory support, and collaborative innovation spaces. Replicating such a model could create new manufacturing hubs in North India, complete with:

• Dedicated land for medical device production

• Co-working spaces for startups

• Tinkering labs in nearby schools to nurture early-stage innovation

This signals a deeper push—not just for startups—but for manufacturing-led innovation ecosystems.

Policy Incentives: Lowering the Barriers to Innovation

India’s startup base now exceeds 200,000 registered ventures, with many more operating informally.

To encourage genuine innovation, startups receive an 80% rebate on intellectual property-related fees—a crucial incentive in deep-tech and hardware-driven sectors where patents matter.

Goyal reiterated that the Commerce Ministry would offer 24x7 support through a dedicated Startup India team, reinforcing the government’s commitment to the ecosystem.

For founders navigating regulatory approvals, export documentation, or international market entry, this kind of institutional backing could be decisive.

On Textiles and Global Competition

Addressing broader trade concerns, the Minister also spoke about India’s competitiveness in textiles amid tariff adjustments involving Bangladesh.

He clarified that India would benefit from similar provisions under upcoming trade agreements, including the interim India–US trade framework. The goal: significantly expand bilateral trade to USD 500 billion by 2030.

Goyal dismissed suggestions that India faces a disadvantage, stating that the country’s evolving trade framework would ensure a level playing field for exporters, MSMEs, and farmers.

Risk, Resilience and the Spirit of Entrepreneurship

Beyond policy and trade, the Minister’s message carried a cultural undertone.

Innovation, he emphasized, must solve India’s real-world challenges and daily needs. He called upon Startup India, private industry, and the media to highlight success stories—and equally, to normalize failure.

“Failure is not a stigma; it is a stepping stone to success,” he said, invoking the perseverance of Abraham Lincoln as inspiration for young innovators.

For a startup ecosystem often driven by valuation headlines, the reminder was timely: resilience matters as much as capital.

Startups and the Vision of Viksit Bharat 2047

The broader narrative is clear. India’s startup ecosystem is no longer just about domestic transformation—it is becoming central to India’s global economic ambition.

Goyal expressed confidence that innovation-driven entrepreneurship will play a defining role in achieving the vision of a developed India by 2047.

“India is at the cutting edge of technology today. Our innovators are solving real problems on the ground, and that gives us confidence that India will achieve the vision of Viksit Bharat by 2047,” he said.

He concluded by reiterating Prime Minister Narendra Modi’s call to the youth—bring forward bold ideas, take risks, and trust that the government will stand as a partner in the journey.

For Indian startups in MedTech, AI, and advanced manufacturing, the message is unmistakable:

The domestic runway is strong.
The institutional support is expanding.
The policy incentives are aligned.
And now, the global gates are open.

The next chapter of India’s startup story may not just be about building for India—but building from India for the world.