New Delhi: Union Minister of Commerce and Industry Piyush Goyal has said that India’s Free Trade Agreements (FTAs) are opening fresh opportunities for the pharmaceutical, healthcare and medical technology sectors, while strengthening the country’s role in global trade. Addressing the Post Budget Webinar 2026 on “Sabka Saath Sabka Vikas: Fulfilling Aspirations of People” in New Delhi, the minister noted that these agreements are helping India expand its global presence and further establish itself as the “Pharmacy of the World”.
Speaking at the webinar, Piyush Goyal said that India has significantly expanded its trade partnerships in recent years under the leadership of Prime Minister Narendra Modi. According to him, the government has signed nine Free Trade Agreements in the last three to three-and-a-half years, with five agreements concluded in the past twelve months alone. As a result, nearly two-thirds of global trade markets are now open to India, providing wider opportunities for Indian businesses and industries.
The minister explained that these trade agreements give India preferential market access compared to several other countries. Lower tariffs and improved market entry conditions are enabling Indian companies to expand their presence internationally. In sectors such as pharmaceuticals, healthcare services and medical technology, India’s engagement with the global market has grown to an unprecedented scale.
According to Goyal, Free Trade Agreements are not limited to benefiting large corporations. Instead, they are designed to support a wide range of stakeholders across the country. Farmers, fishermen, micro, small and medium enterprises (MSMEs), small manufacturers and traders are also gaining from these agreements.
He said that sectors like pharmaceuticals and medical technology are particularly well placed to take advantage of these new opportunities. The med-tech sector, which manufactures medical devices and equipment, is expected to play a growing role in international trade. At the same time, the agreements are encouraging innovation and helping emerging technology sectors access global markets.
Highlighting India’s global reputation in healthcare, Goyal said the country is widely recognised as the “Pharmacy of the World” due to its strong pharmaceutical manufacturing capabilities. He expressed confidence that the groundwork laid over the past few years will help India unlock even greater opportunities in global healthcare markets.
During his address, the minister also outlined five key priority areas that he believes will help guide India’s journey towards becoming a developed nation by 2047, a goal often referred to as the vision of Viksit Bharat during the Amrit Kaal.
He emphasised that the success of Free Trade Agreements depends not only on government policies but also on the active participation of businesses and institutions. While the government can negotiate trade deals and create favourable conditions, industries must take the initiative to fully utilise the opportunities created.
Goyal said India needs to develop a comprehensive healthcare ecosystem that integrates manufacturing, research, innovation, startups and hospitals. Such an integrated approach will allow the country to maximise the benefits of global trade agreements.
He also highlighted the important role of MSMEs in strengthening India’s healthcare exports. According to him, these smaller enterprises can play a crucial role in improving quality standards and enhancing manufacturing capabilities.
“Quality upgradation will be a key factor in expanding exports,” he said. By improving testing facilities and ensuring strict quality standards, India can strengthen the global reputation of Brand India and demonstrate its manufacturing excellence to the world.
The minister also spoke about India’s expanding trade engagement with different regions across the globe. He said India already has agreements or ongoing negotiations with several major economies and regional trade groups.
These include discussions with the United States, European Union, United Kingdom, Australia and New Zealand. India is also engaging with the European Free Trade Association (EFTA) countries, which include Switzerland, Norway, Liechtenstein and Iceland.
In the Gulf region, India has concluded agreements with the United Arab Emirates and Oman, while all six members of the Gulf Cooperation Council (GCC) have shown interest in entering into trade agreements with India.
Goyal further noted that trade discussions with Canada are progressing rapidly. At the same time, negotiations are advancing with Mercosur countries in Latin America and with the Eurasian Economic Union.
According to the minister, the growing interest from countries around the world in strengthening trade ties with India reflects confidence in the country’s economic potential.
He pointed out that India’s economy, currently valued at around four trillion dollars, could expand to nearly thirty trillion dollars in the next two to two-and-a-half decades. Such growth, he said, presents a historic opportunity for deeper economic engagement with global markets.
Goyal also emphasised the need to link the healthcare sector more closely with exports and skill development. He said India should invest in training skilled healthcare professionals such as caregivers and nurses, as there is strong demand for these services both domestically and internationally.
By strengthening skill development programmes, India can create a workforce that supports healthcare exports while also increasing remittances from professionals working abroad.
“Training skilled professionals will help expand India’s global presence in healthcare services,” he said, adding that such initiatives will contribute both to economic growth and improved healthcare delivery.
The minister also highlighted the growing importance of digital health technologies and Artificial Intelligence (AI) in the global healthcare sector.
He said that instead of fearing AI, India should view it as an enabling technology that can improve efficiency and innovation. With its strong talent pool, India has the ability to develop advanced AI-driven healthcare solutions.
Technologies such as AI-powered diagnostics and telemedicine platforms can play a major role in improving healthcare access across the country. These innovations, he said, are particularly important for serving India’s population of 1.4 billion people.
Goyal stressed that progress in healthcare and medical technology will require a holistic and integrated approach. If different stakeholders work in isolation, he said, the results will remain limited. However, coordinated efforts between government agencies, industry players, healthcare institutions and innovators can lead to much greater progress.
Another area highlighted during the address was the growing global interest in traditional medicine systems.
Goyal said practices such as Ayurveda and Yoga are gaining increasing recognition worldwide. India should therefore expand research in these areas, establish international standards and promote these systems globally through partnerships with other countries.
He emphasised that promoting traditional healthcare knowledge alongside modern medical technologies can strengthen India’s position as a global healthcare leader.
Concluding his remarks, the minister said that a healthy India will be the foundation of a developed India. Strengthening healthcare, expanding exports, investing in skills and encouraging innovation will together help the country achieve the vision of Viksit Bharat.
Goyal expressed confidence that with collective efforts from government, industry, researchers and healthcare professionals, India can emerge as a leading global hub for pharmaceuticals, healthcare services and medical technology in the years ahead.