Trade deals open 70% of global GDP to Indian startups, says Goyal

Piyush Goyal said new trade deals give Indian startups market access to 70% of global GDP, often at zero duty. He urged them to make affordability and last-mile delivery India's cutting edge and reassured them that failure is not a stigma.

Union Commerce Minister Piyush Goyal on Thursday said that with most of the developed world signing trade agreements with India, we will be able to make affordability and last-mile delivery India's cutting edge.

Global Market Access at Zero Duty

"Huge markets have been opened up with all the trade deals that we have done. We now cover, as a nation, 70 % of the global GDP with market access, in most cases, at zero duty for your products," he said.

In a message to the startups, he said the world is your market, and the "world is your stage now."

"I wish you the best for the wonderful work that you're doing. We'll be able to make affordability and last mile delivery India's cutting edge," he said.

Startups on the Path to 'Viksit Bharat'

Praising the Indian startups, Goyal said, "Seeing our innovators work with a sense of patriotism gives us complete confidence that India is on the right path towards the goal of Viksit Bharat by 2047."

While speaking with the media on the sidelines of the 'INDovation' Medtech Innovation & Startup Showcase at Vanijya Bhawan, Goyal said, "It is a wonderful feeling seeing the Indian start-up and innovation system growing."

"Seeing our innovators work with a sense of patriotism gives us complete confidence that India is on the right path. Today, at this event, I was fortunate to witness a reflection of the pledge of Viksit Bharat taken by 140 crore people of the country..." he said.

Fostering an Ecosystem of Innovation

While addressing the startups at the event, Goyal said India is at the cutting edge of technology today. "India is at the cutting edge of technology today, but it couldn't have been possible until the government and private sector both have encouraged our young entrepreneurs. He further said that innovation is supporting India's day-to-day needs, supporting India's real imperatives on the ground.

"It's important also to showcase what are the success stories to encourage newer people to come into this field. Otherwise, you'll end up having only few stories of people who may not have succeeded in the first instance," he said.

Encouraging Resilience Over First-Time Success

"I have urged Startup India, and would urge private sector players too that we must also continuously encourage those who may not have succeeded in the first instance because it not necessary that you have to hit it right first time around but failure is not something bad, it's not a stigma," he said. (ANI)

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