Indian Economy News

Union Minister of Commerce and Industry Mr. Piyush Goyal Calls for India to Emerge as a Global Medical and Healthcare Destination

Union Minister of Commerce and Industry Mr. Piyush Goyal called for India to build on its position as the "pharmacy of the world" and emerge as a global medical and healthcare destination, addressing the Pharma Machtech and Labnext Expo 2026 in New Delhi. He highlighted the growing importance of healthcare beyond treatment, spanning prevention, wellness, diagnostics, medical devices, telemedicine, digital health and R&D. He urged the industry to leverage India's free trade agreements, noting that pre-2014 FTAs covered economies with a GDP of around Rs. 954.40 lakh crore (US$ 10 trillion), while nine FTAs finalised in the last four to four-and-a-half years cover a combined GDP of around Rs. 5,726.40 lakh crore (US$ 60 trillion), with ongoing negotiations expected to expand this to around Rs. 7,158 lakh crore (US$ 75 trillion).

Mr. Piyush Goyal said the healthcare ecosystem has the potential to create crores of jobs and lakhs of startups, particularly in medtech, and called for strengthening the startup incubation ecosystem, intellectual property regime and technology partnerships to advance self-reliance. He highlighted that GST has been amended to improve affordability, alongside a commitment of Rs. 1 lakh crore (US$ 10.48 billion) towards R&D, innovation and funding. He stressed the need for resilience in healthcare supply chains, recalling shortages during COVID-19, and said 100% FDI is permitted through the automatic route, with the pharmaceutical industry shifting from volume to value per the Economic Survey 2025-26. He expressed confidence that collective efforts across industry and research could support India's journey towards becoming a developed nation by 2047.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.