India's FTA network expands market access opportunities for healthcare industry: Piyush Goyal
Goyal said India’s free trade agreements collectively covered economies with a GDP of around USD 10 trillion
Commerce Minister Piyush Goyal on Monday urged the industry to utilise the opportunities arising from India’s free trade agreements.
Addressing the Pharma Machtech and Labnext Expo 2026 in New Delhi, Goyal said India’s free trade agreements collectively covered economies with a GDP of around USD 10 trillion, while the nine free trade and bilateral trade agreements finalised in the last four to four-and-a-half years cover economies with a combined GDP of around USD 60 trillion.
He said ongoing negotiations could further expand this coverage to around USD 75 trillion, providing opportunities for preferential lower-duty market access, services and mobility.
Goyal highlighted that the government has created new opportunities for the youth and strengthened India’s position as a trusted international partner. He called upon stakeholders to participate in the country’s development journey and work towards ensuring access to quality education, healthcare and opportunities for all.
He said the medical and pharmaceutical machinery, consumables and related sectors represent a growing field with significant potential for merchandise exports, import substitution and services exports.
The Minister said the healthcare ecosystem has the potential to create crores of jobs, thousands of business opportunities and lakhs of new startups, particularly in the medtech field. He noted that the sector can create business opportunities, jobs and income for young people while contributing to the availability of quality healthcare across the country.
He noted the need for self-reliance in research, medicines and medical equipment and said Export Promotion Councils and industry stakeholders have an important role to play in this endeavour. He added that the Goods and Services Tax (GST) has been amended to improve affordability and opportunities for the sector.
Furthermore, he added the commitment of Rs 1 lakh crore towards research and development, innovation and funding, and urged stakeholders to leverage these opportunities to develop newer equipment, innovative drugs and medicines.
