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Central Government Releases Compliance Handbook for Employers on Labour Codes

Union Minister of Commerce and Industry Shri Piyush Goyal today urged medtech startups to look beyond the domestic market, leverage India’s expanding trade agreements covering nearly 70% of global GDP, and scale affordable innovations to serve both India and the world.

Addressing the Pfizer INDovation Startup Showcase Programme in New Delhi, the Minister emphasized that affordable, scalable medical technology can help reach the remotest parts of India and also access global markets across Africa, Latin America, Central Asia, Southeast Asia and developed economies.

He noted that nine Free Trade Agreements concluded in the last three years cover 38 countries with strong per capita incomes, and that most developed markets now have trade arrangements with India. Agreements include the 27-nation EU bloc, four-nation EFTA bloc, the UK, Australia and New Zealand, the United States of America, while Japan and Korea were concluded earlier, along with ASEAN nations. He said India now has market access to 70% of global GDP, in most cases at zero duty for Indian products.

Shri Goyal said startups should not limit themselves to the domestic market and should participate in global fairs and exhibitions. He assured that the Commerce Ministry would support delegations and that India’s missions in over 190 countries are available to assist innovators. He also encouraged collaboration with global companies, present in over 100 countries, to access developed markets.

The Minister highlighted that affordable and scalable medtech products can reduce costs and improve quality through economies of scale. Referring to startups present at the programme, he noted that many had secured CDSCO approvals and some were on the verge of receiving FDA approvals, enabling them to expand internationally.

The Minister stressed that innovation must address India’s day-to-day needs and ground-level imperatives. He underlined the importance of showcasing success stories and urged Startup India, the private sector and the media to encourage entrepreneurs, including those who may not succeed initially.

Stating that failure is not a stigma but a stepping stone to success, Shri Goyal cited the example of Abraham Lincoln, who faced repeated failures in education, business, law practice and elections before becoming President of the United States. He urged young innovators to persevere.

Shri Goyal referred to the Andhra Pradesh MedTech Zone (AMTZ) near Visakhapatnam and expressed interest in establishing a similar facility in North India, possibly in Rajasthan or Uttar Pradesh, or within NICDC (National Industrial Corridor Development Corporation) industrial projects with dedicated land for medical devices and co-working spaces for startups. He also suggested setting up tinkering labs in nearby schools to create a holistic ecosystem.

The Minister stated that over 200,000 startups are registered in India, with many more unregistered, and reiterated the goal of making India a reliable and trusted global partner.

He announced that three more National Institutes of Pharmaceutical Education and Research (NIPERs) are being established alongside the upgradation of seven existing NIPERs. A new National Institute of Design (NID) will be set up in East India, with states competing to provide the best proposal. He suggested that NID could assist startups in improving product design, visual appeal and overall quality, possibly through pro bono programmes.

Shri Goyal also highlighted that startups receive an 80% discount on IP-related fees to support genuine innovation while discouraging frivolous applications. He assured that the Ministry’s doors remain open 24×7, supported by a dedicated Startup India team.

Concluding his address, the Minister quoted the Prime Minister Shri Narendra Modi’s Independence Day message: “To the youth, bring forward your innovative ideas. I stand with you. I am ready to be your partner in this journey.”

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, in collaboration with Pfizer, Department of Pharmaceuticals, and NITI Aayog, felicitated the winners of the Pfizer INDovation Program 2025, reinforcing DPIIT’s commitment to building a globally competitive, innovation-driven healthcare and MedTech ecosystem

Through this collaboration, 14 high-potential Indian healthtech startups have been awarded grants of ₹60 lakh each (over ₹8 crore in total) along with 18 months of structured incubation, clinical validation, mentorship, and real-world deployment support. The initiative reflects DPIIT’s ongoing efforts to enable strong public–private partnerships that help startups transition from innovation to impact, accelerating their journey from lab to market.

The selected startups are developing breakthrough solutions across priority healthcare areas including immunization, non-communicable diseases, brain health, oncology, and maternal & child health—sectors critical to strengthening India’s public health systems and improving healthcare access and affordability.

Union Commerce and Industry Minister Shri Piyush Goyal has urged exporters and industry bodies to take full advantage of the series of Free Trade Agreements signed with developed countries maximise job creation and boost exports of goods and services.

The minister met 35 Export Promotion Councils (EPCs) and key Industry Associations representing India’s major export sectors. Industry leaders and association office bearers appreciated the government’s trade-promotion initiatives during their interaction with the minister.

Shri Goyal said the Modi government had signed Free Trade Agreements with developed countries to help India’s farmers, workers, professionals, artisans and MSMEs take advantage of the global market with preferential access. With these trade agreements, India’s traditional medicines and yoga will also get global opportunities, while the interest of India’s agriculture and dairy sectors have been protected.

“Industry must now intensify its efforts to penetrate new markets, upgrade quality and become more competitive to take maximum advantage of trade agreements. India has made its mark in international trade since the ancient era. Our trade deals will accelerate our Viksit Bharat mission and carry forward Prime Minister Narendra Modi’s mantra of ‘Vikas bhi, Virasat bhi’,” Shri Goyal said at a meeting with EPCs and industry bodies.

Industry representatives conveyed their deep gratitude to the Prime Minister and the Minister of Commerce & Industry for the decisive leadership that enabled the successful conclusion of recent trade agreements with the United Kingdom, European Union and the United States of America.

Particular appreciation was expressed for the elimination of the additional 25 % tariff on Indian imports to the United States, as terminated through the United States Executive Order dated 6 February 2026, which is expected to restore competitive market access for Indian exports. Industry noted that the United States is among India’s largest export destinations and that the tariff relief provides significant stability and renewed competitiveness to Indian exporters.

Associations representing sectors earlier impacted by the US tariff measures — including gems & jewellery, textiles and apparel, carpets, leather and footwear, marine products, handicrafts, engineering goods and chemicals — highlighted that the tariff rollback has restored business confidence and safeguarded employment in labour-intensive sectors. Key participating bodies included the Federation of Indian Export Organisations (FIEO); Gem & Jewellery Export Promotion Council (GJEPC); Apparel Export Promotion Council (AEPC); Council for Leather Exports (CLE); Engineering Export Promotion Council of India (EEPC India); Basic Chemicals, Cosmetics & Dyes Export Promotion Council (CHEMEXCIL); Cotton Textiles Export Promotion Council (TEXPROCIL); Manmade and Technical Textiles Export Promotion Council (MATEXIL); other major textile EPCs; Carpet Export Promotion Council (CEPC); Export Promotion Council for Handicrafts (EPCH); agricultural and allied bodies including the Seafood Exporters Association of India (SEAI); Agricultural and Processed Food Products Export Development Authority (APEDA); Shellac and Forest Products Export Promotion Council (SHEFEXCIL); Indian Oilseeds and Produce Export Promotion Council (IOPEPC); India SME Forum; Sourcing Consultants Association (BAA); and apex industry chambers including the Federation of Indian Chambers of Commerce & Industry (FICCI), Associated Chambers of Commerce & Industry of India (ASSOCHAM), National Association of Software and Service Companies (NASSCOM) and PHD Chamber of Commerce and Industry (PHDCCI), along with several other leading sectoral associations.

The Ministry also made presentations on the recently concluded trade engagement with the United States, outlining market access opportunities, compliance frameworks and export expansion pathways. Industry welcomed the clarity provided and reaffirmed its commitment to scale exports in priority sectors.

Discussions also highlighted the progress under the Export Promotion Mission (EPM), the Government’s flagship framework to support exporters. Industry welcomed the Interventions already rolled out under the Mission, including enhanced access to trade financethrough Interest Subvention Support for export credit loans, Collateral Guarantee for Export Credit extended to MSMEs and targeted market access support. It was noted that additional measures relating to trade finance, export logistics, export compliances, branding and market diversification are being rolled out shortly, in a phased manner to further strengthen India’s export ecosystem.

The Minister reaffirmed the Government’s commitment to accelerate export growth, deepen global integration and leverage new trade agreements to position India as a trusted global supply partner.

Central Government introduces Bill to repeal Industrial Disputes Act, Trade Unions Act & Standing Orders Act

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Central Government notifies Draft Occupational Safety, Health and Working Conditions (Dock Workers) Central Regulations, 2026 prescribed under section 136 of the OSH&WC Code, 2020 inviting comments/suggestion from stake holders.

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The Bombay Chamber of Commerce and Industry organised a Post-Budget Analysis Webinar on 5 February 2026, bringing together economists, industry leaders, and policy experts to examine the Union Budget 2026–27 and its implications for India’s growth trajectory amid an increasingly complex global environment.

Delivering the welcome address, Rajiv Anand, on behalf of the Chamber, emphasised that the Union Budget is not merely an annual financial exercise but a strategic statement of national priorities. He noted that post-budget dialogues play a critical role in interpreting policy intent, assessing real-world impact, and enabling businesses to align their strategies with emerging economic priorities.

He highlighted key signals from the Budget, including the record capital expenditure allocation of ₹12.2 lakh crore to strengthen long-term productive capacity, continued emphasis on manufacturing and MSME growth, enhanced focus on connectivity and urban development, targeted policy reforms to support investment-led growth, and a significant defence allocation of approximately ₹7.8 lakh crore underscoring national security and indigenous capability building.

Anand underscored that while these measures present strong opportunities, they also raise important questions around execution, demand recovery, cost structures, exports, and credit availability. He reaffirmed the Bombay Chamber’s role as a trusted bridge between government and industry, committed to equipping its members with clarity, confidence, and actionable insights through knowledge-driven platforms.

The session was moderated by Dr. Sachchidanand Shukla, Chair, EPRD Committee, Bombay Chamber, and Group Chief Economist, L&T, and featured Navneet Munot, Director, Bombay Chamber, and MD & CEO, HDFC Asset Management Company; Madan Sabnavis, Chief Economist, Bank of Baroda; Rajan Raje, Director, Bombay Chamber, and Founder & CEO, NICHEM Solutions; Dipti Deshpande, Principal Economist, CRISIL; and Rajeshree Sabnavis, Director, Bombay Chamber, and Senior Advisor – Tax, GT Bharat LLP.

Setting the global context, Dr. Shukla observed that the world is entering a phase of heightened uncertainty driven by geopolitical shifts and changing economic assumptions. “We are witnessing a new global disorder, and the Union Budget must be viewed as part of a broader strategy to manage volatility while sustaining growth,” he said.

Providing a macroeconomic assessment, Dipti Deshpande noted that India’s fundamentals remain resilient despite global headwinds. “The macro house is in order, with sustainable growth, moderating inflation, and improved fiscal metrics. This budget extends India’s growth runway through continued capex and structural reforms,” she said.

Explaining fiscal and bond market dynamics, Madan Sabnavis addressed concerns around government borrowing. “The focus should be on net borrowing rather than headline numbers. Fiscal deficit control remains the key anchor, and post-budget market volatility was largely a short-term overreaction,” he said.

From a capital markets perspective, Navneet Munot advised investors to look beyond immediate market movements. “Budget day reactions are often misleading. India’s long-term growth story, supported by strong corporate balance sheets and domestic liquidity, remains firmly intact,” he said.

Addressing taxation and compliance, Rajshree Sabnavis highlighted steps taken to improve predictability and reduce compliance burden. “There is a clear move towards rationalisation, certainty, and lower compliance costs, although customs duty reform remains an area for further progress,” she said.

Focusing on MSMEs, Rajan Raje welcomed the shift from short-term relief to long-term capability building. “The Budget recognises that sustainable MSME growth requires upskilling, integration into formal supply chains, and innovative financing mechanisms,” he said.

The panel also discussed the outlook for the rupee, private sector capex revival, FDI flows, and the balance between public and private investment. Speakers broadly agreed that while the Budget remains capex-led, its success will depend on effective execution and stronger private sector participation.

Government of Maharashtra extends ESI Act coverage to Educational and Medical Institutions employing ten or more persons

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Notification regarding functioning of existing authorities under Industrial Disputes Act, Standing Orders Act and Trade Unions Act.

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