Last Updated on February 12, 2026 10:32 pm by INDIAN AWAAZ
Staff Reporter
Commerce and Industry Minister Piyush Goyal on Tuesday said that India has emerged as a global leader at the cutting edge of technology, and this progress can be sustained only when the government and private sector jointly support young innovators. He made these remarks while addressing the INDovation, Medtech Innovation and Startup Showcase Programme in New Delhi.
Highlighting the growing potential of India’s medtech startup ecosystem, Mr Goyal urged entrepreneurs to think beyond domestic markets and expand internationally. He said Indian startups should take advantage of the country’s expanding network of trade agreements, which now cover nearly 70 per cent of global GDP, enabling easier access to major global markets. He stressed that affordable and scalable innovations developed in India can not only strengthen healthcare delivery at home but also serve global needs.
The Minister noted that India has successfully opened up new market opportunities through multiple trade deals, adding that many developed nations are now entering into free trade agreements (FTAs) with India. He described this as a major opportunity for Indian startups to export products and build global presence.
To further encourage innovation, Mr Goyal announced that startups will receive an 80 per cent discount on Intellectual Property-related fees, making patent and trademark registration more accessible and helping innovators protect their ideas.
Speaking to the media later, he said it was encouraging to witness the rapid growth of India’s startup and innovation ecosystem. He added that the energy, dedication and service-oriented approach of young innovators strengthens his confidence that India is moving in the right direction.
Mr Goyal also announced major developments in the pharmaceutical education and research sector. He said the government is setting up three new National Institutes of Pharmaceutical Education and Research (NIPERs) and will upgrade seven existing NIPERs to improve research capacity and strengthen India’s pharma and healthcare innovation base.
In addition, he revealed that a new National Institute of Design (NID) will be established in East India. He suggested that NID could play a key role in helping startups enhance product design, visual appeal and quality standards, potentially through pro bono support programmes.