Minister Goyal expressed optimism about the progress made in the CEPA negotiations, highlighting that the talks would gain additional momentum during the upcoming Joint Commission Meeting (JCM). This visit underscores India’s dedication to enhancing its trade and investment relations with Oman, a key member of the Gulf Cooperation Council (GCC).

The visit also saw Minister Goyal participating in India’s 76th Republic Day celebrations at the Indian Embassy in Muscat. The event was attended by Minister Al Yousef, senior Omani officials, and members of the Indian diaspora. A key highlight was the performance of Sur Sandook: India-Oman Jukebox, which celebrated the deep-rooted cultural ties between the two nations.

Minister Goyal is in Muscat from January 27–28, 2025, for the 11th Joint Commission Meeting with his Omani counterpart. The ongoing CEPA negotiations, which are in their advanced stages, are expected to gain further momentum during the visit, laying the groundwork for a comprehensive and mutually beneficial agreement.

In 2023-24, bilateral trade between India and Oman reached $8.94 billion, highlighting the strength and depth of their economic relationship. Both countries are working towards a CEPA that will reflect their shared economic priorities and deliver commercially significant outcomes.

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On his official social media, Goyal expressed optimism about the discussions, stating that they centered on enhancing trade and investment ties between the two nations. He also highlighted the intention to explore further avenues for deepening the bilateral partnership. In anticipation of the 11th Joint Commission Meeting (JCM), which will take place from January 27-28, Goyal noted that the talks would focus on “advancing CEPA negotiations and strengthening economic cooperation.”

India views Oman as a key partner in the Gulf Cooperation Council (GCC), with bilateral trade surpassing USD 8.94 billion in 2023-2024. As part of the ongoing effort to enhance these ties, the two countries are in the advanced stages of negotiating the CEPA. The agreement aims to create a commercially significant, balanced, and mutually beneficial framework that will bolster trade and investment across multiple sectors.

During his visit, Goyal is accompanied by a business delegation that will participate in the Joint Business Council meeting between the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Oman Chamber of Commerce and Industry. The discussions are expected to cover a range of topics, including the global economic landscape and investment opportunities.

In addition to his meetings with Qais bin Mohammed Al Yousef, Goyal is scheduled to meet with other prominent Omani officials, including Sultan bin Salim Al Habsi, Minister of Finance and Chairperson of the Ministerial Committee for CEPA, and Sheikh Dr. Ali bin Masoud Al Sunaidy, President of the Public Authority for Special Economic Zones and Free Zones (OPAZ). These interactions aim to further strengthen economic ties and explore new areas for collaboration.

Goyal’s visit underscores India’s commitment to enhancing its relations with Oman and advancing economic partnerships in the region. The progress made during the trip is expected to contribute significantly to fostering long-term, mutually beneficial ties between the two nations.

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During his address at the event, Minister Goyal acknowledged the transformative role played by funding instruments such as the Fund of Funds for Startups (FFS) administered by the Small Industries Development Bank of India (SIDBI) and supported by the Government of India. These financial structures have been pivotal in supporting India’s entrepreneurial ecosystem.

“We must attribute the success of the Startup India mission to the instrumental funding avenues such as FFS, which have been critical in fueling the growth of startups in India,” said Goyal, highlighting the immense progress the country has made in nurturing innovation and entrepreneurship.

The event celebrated the resilience of India’s entrepreneurs, emphasizing how their efforts have not only reshaped India’s innovation landscape but also elevated the country’s global standing. “Today, India is home to 1,59,157 startups, and we have witnessed an increase from around 500 startups in 2016,” Goyal said. “In 2024 alone, India saw 76 Initial Public Offerings (IPOs), and our startup ecosystem has generated over 17 lakh direct jobs,” he added.

Further acknowledging the collaborative spirit between private equity (PE) and venture capital (VC) firms, Goyal emphasized their crucial role in accelerating the journey of startups. Through this partnership, Indian startups have gained access to funding, global networks, and expertise, which have helped them scale and compete on the international stage.

Empowering Startups: A Vision for the Future

The Minister also underlined the significant economic and social impact of startups, stating that they are much more than just businesses. They are catalysts for change, addressing some of the most pressing challenges in areas such as sustainability, renewable energy, healthcare, and digital transformation.

“As India moves into the Amrit Kaal, the next 25 years will be a defining period. Startups will play a pivotal role in realizing the vision of a self-reliant, inclusive, and globally competitive India,” Goyal affirmed. “The government remains committed to providing necessary support, from policy initiatives and infrastructure to capital access, ensuring the success of our startups.”

A key highlight of Goyal’s speech was his recognition of women’s contributions to India’s growing startup ecosystem. He shared that 43% of STEM graduates in India are women, a testament to the role women are playing in driving India’s growth. He also emphasized the government’s efforts to support women-led startups through platforms such as the Women Entrepreneurship Platform.

Launch of PRABHAAV Factbook and Bharat Startup Challenge

At the event, the Department for Promotion of Industry and Internal Trade (DPIIT) launched the PRABHAAV Factbook. This comprehensive guide to India’s thriving startup ecosystem, titled Powering a Resilient and Agile Bharat for the Advancement of Visionary Startups, highlights the progress and achievements of India’s startup sector between 2016 and 2024. It sheds light on the regional contributions and showcases the growth trajectory of India’s entrepreneurial spirit.

The Bharat Startup Challenge was also unveiled, aiming to foster innovation by inviting solutions to 75 sectoral challenges. These challenges will span across diverse fields, including renewable energy, blockchain, agritech, semiconductors, and social commerce. With support from 20 industry leaders and innovators, the challenge will offer startups procurement opportunities, cash prizes, mentorship, funding, networking, and capacity-building avenues.

Key Figures and Future Prospects

Minister of State for Commerce & Industry, Jitin Prasada, and several key dignitaries including Amardeep Bhatia (Secretary, DPIIT), Arti Bhatnagar (Additional Secretary, DPIIT), and industry leaders such as Prashant Prakash (Founding Partner, Accel), Sanjeev Bikhchandani (Founder, Info Edge India), and others graced the occasion.

Looking ahead, the Minister shared that India’s growing startup ecosystem would continue to thrive through initiatives like the Bharat Startup Challenge, which will provide new avenues for innovation and business growth. Goyal also noted the significant role of the second edition of Startup Mahakumbh, where startups from across the nation will converge to share ideas, collaborate, and showcase their innovations.

Conclusion

As India celebrates the achievements of its startup ecosystem on the 9th Foundation Day of Startup India, Minister Piyush Goyal reaffirmed the government’s unwavering commitment to fostering an environment that encourages entrepreneurship, innovation, and growth. With increased access to funding, mentorship, and global networks, Indian startups are well-positioned to compete on the world stage and drive the nation toward a prosperous and self-reliant future.

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The newly formed Board will be headquartered in Nizamabad, a prominent turmeric-growing region in India, and will be led by its first Chairperson, Palle Ganga Reddy. The Board’s role will encompass a broad range of activities aimed at strengthening the turmeric industry. These include focusing on research and development, promoting the health and medicinal benefits of turmeric, and adding value to turmeric-based products. Additionally, it will work on enhancing logistics, supply chains, and finding new international markets for Indian turmeric.

Quality and safety will also be a central pillar of the National Turmeric Board’s operations, ensuring that Indian turmeric maintains high standards in both domestic and international markets. To achieve this, the Board will collaborate closely with various ministries, producers’ associations, and exporters to create a unified approach to the industry’s growth.

Turmeric is often referred to as the “Golden Spice,” owing to its vibrant color and its widespread use in both culinary and medicinal fields. For Indian farmers, turmeric is not just a spice; it’s a key source of livelihood. The spice is grown in over 20 states, including Maharashtra, Tamil Nadu, Andhra Pradesh, Telangana, Madhya Pradesh, and Meghalaya. Special attention will be given to Andhra Pradesh and Telangana, with an emphasis on boosting turmeric yields and improving farmers’ incomes.

India, which produces over 70% of the world’s turmeric, is home to 30 different varieties of the spice. In the 2023-24 agricultural year, the country cultivated turmeric on 3.05 lakh hectares of land, yielding an impressive 10.74 lakh tonnes. India also dominates global turmeric trade, commanding a 62% share of the market. During the same period, the country exported 1.62 lakh tonnes of turmeric, valued at $226.5 million.

The event was attended by key figures such as Union Minister of State for Home Affairs, Bandi Sanjay Kumar, and Nizamabad MP Arvind Dharmapuri. The launch of the National Turmeric Board marks a significant step forward in enhancing the economic potential of this iconic spice and opening new avenues for its global reach.

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In his address, Goyal emphasized that while Product Linked Incentives (PLIs) and subsidies can play a crucial role in initiating the sector, they are not sustainable in the long term for the clean energy industry. He stressed that the clean energy sector must evolve to become self-sustaining and independent of government support.

“The PLI scheme can only help kickstart the sector, but the clean energy sector must strive to become self-sustaining,” Goyal remarked, adding that the cleantech sector should aim for independence from government backing.

He called on the participants at the forum to innovate and scale up manufacturing in India. According to Goyal, the Bharat Cleantech Manufacturing Platform will offer Indian firms an opportunity to collaborate, co-innovate, and access financing. The platform will also allow for sharing ideas, technologies, and resources, positioning India as a prominent global leader in sustainability and the cleantech sector.

Additionally, Goyal expressed confidence that the ambitious clean energy target set by Prime Minister Narendra Modi – 500 Gigawatts of clean energy by 2030 – could be met. He highlighted India’s impressive progress in the energy sector, noting that the country has already exceeded expectations by achieving its renewable energy target in 2022, eight years ahead of schedule. With the installation of 200 Gigawatts of clean energy, India is now well on track to meet the 500 Gigawatt goal.

India’s success in this area, Goyal explained, is a result of its well-connected national grid, which is the largest of its kind in the world. He also credited Gujarat for being a pioneer in adopting solar power, recognizing the state’s role in the broader national effort to scale up renewable energy sources.

The affordability of solar power in India, Goyal stated, can largely be attributed to the transparency fostered by Prime Minister Modi’s leadership. Through honest auctions and fostering fair competition, the cost of solar energy has decreased significantly.

In conclusion, Goyal reiterated that the Government’s renewable energy program is centered around the principles of 3S: speed, scale, and skill, which have driven the success of the country’s clean energy initiatives.

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Goyal emphasized that these transformative measures have revolutionized connectivity across the country. “The launch of the Interconnected Grid and Digital India, along with affordable data reaching every corner of the country, and interactive connectivity reaching every household, have collectively made India the most attractive destination in the world for artificial intelligence, data centers, and Global Capability Centers (GCCs),” the minister stated.

The Union Minister highlighted India’s progress across various sectors, particularly in manufacturing and exports. According to Goyal, these sectors have gained significant momentum in recent years, aided by the establishment of an interconnected ecosystem that is enabling further growth. “India is emerging as a quality-conscious nation, and the establishment of a robust infrastructure is driving our prominence in these emerging sectors,” Goyal added.

Goyal also noted that India’s 5G network expansion is progressing at an impressive pace, ensuring nationwide coverage in the near future. This expansion will further enhance the nation’s connectivity and strengthen its digital ecosystem.

Another key area discussed by Goyal was India’s Interconnected Grid, which boasts a capacity of 450-500 gigawatts, making it one of the most powerful in the world. This, he explained, is a crucial component in enhancing the country’s energy infrastructure and supporting its growth as a technology hub.

In addition to domestic advancements, Goyal also addressed the increasing interest from international companies in India’s market. He revealed that several NASDAQ-listed companies are considering delisting from U.S. stock exchanges to list on Indian bourses. This shift reflects growing global confidence in India’s economic potential.

Regarding Tesla and Starlink’s plans in India, Goyal clarified that he is not directly involved in discussions with these companies. “To the best of my knowledge, there have been no discussions yet. The Ministry of Heavy Industries handles matters related to automobiles, while Starlink comes under the jurisdiction of the space department,” he said.

On the topic of India’s relationship with the United States, Goyal expressed optimism about the future of trade between the two countries, especially under the leadership of President Donald Trump. He highlighted the positive personal and professional rapport between Prime Minister Narendra Modi and President Trump, saying, “Our relationship with the United States has gotten better every single year, and Mr. Trump himself has often expressed his confidence in the India-U.S. partnership.”

Concluding his remarks, Goyal reaffirmed India’s continued commitment to establishing itself as a global leader in technology, innovation, and infrastructure. He emphasized that the country’s evolving capabilities make it an attractive destination for global business, paving the way for deeper international collaboration and economic growth.

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