New Delhi: Union commerce and industry minister Piyush Goyal on Thursday said India’s recent free trade agreements (FTAs) are opening up global markets for startups and entrepreneurs, providing greater certainty for investors and expanding export opportunities for Indian goods and services.
Speaking at Startup Pe Charcha in New Delhi, Goyal said one of the most visible shifts in the country over the past decade has been the growing self-confidence among India’s youth, reflected in a greater willingness to take risks, pursue entrepreneurship and experiment with new ideas. This change in mindset, he said, is critical for innovation-led growth.
Highlighting sectors with high growth potential, the minister identified tourism and skill development as key opportunity areas, especially if supported by technology to reach wider and more rural populations. He stressed the need for continuous training, re-skilling and up-skilling of the workforce to prepare for emerging technologies such as artificial intelligence, quantum computing and cyber security.
On deep-tech innovation, Goyal said the government’s second ₹10,000-crore Startup Fund of Funds would provide a significant boost to early-stage and capital-intensive ventures. He noted increasing momentum across incubators and academic institutions, signalling a stronger pipeline of technology-led startups.
The minister also pointed to opportunities created by public digital platforms. He said the Government e-Marketplace (GeM), in integration with the Open Network for Digital Commerce (ONDC), can help sectors such as handicrafts by enabling inventory digitisation and access to e-commerce markets.
Referring to the space economy, Goyal said India now has over 350 space startups, with the sector crossing a valuation of $2 billion, and the government aims to support the emergence of multiple unicorns in the coming years.
Concluding the interaction, Goyal emphasised building strong domestic supply chains by linking startups and small enterprises with large manufacturers and investors. Institutions such as DPIIT and Invest India, he said, are facilitating these connections to help startups scale faster and tap captive demand.