Union minister Mansukh Mandaviya has exhorted the industry to take concrete efforts towards increasing local production of medical devices while stressing that the sector has huge potential for growth
Union minister Mansukh Mandaviya has exhorted the industry to take concrete efforts towards increasing local production of medical devices while stressing that the sector has huge potential for growth in the domestic as well in global markets, the Chemicals and Fertilizers Ministry said on Wednesday.
In a meeting held on Tuesday, Mandaviya interacted with six industry participants of the PLI schemes for medical devices that have successfully commissioned projects, the ministry said in a release.
The minister noted that the medical devices sector in the country has huge potential for growth in domestic as well in global markets.
He stated that manufacturing of medical devices in India shall be a significant step forward in strengthening the domestic supply chain, it added.
Mandaviya urged industry participants to make concrete efforts toward increasing the localisation impact and deepen the domestic manufacturing of components, the release said.
The minister also encouraged the industry players to work towards reducing the import-export trade gap in the sector.
Representatives from Panacea Medical Technologies, Trivitron Healthcare, Philips Global Business Services, Microtek New Technologies, Sahajanand Medical Technologies, and Deck Mount Electronics Limited participated in the metteing.
The Department of Pharmaceuticals had launched the PLI scheme for promoting domestic manufacturing of medical devices in March 2020.
Under the scheme, financial incentive is given to selected companies at the rate of 5 per cent of incremental sales of medical devices manufactured in India and covered under the target segments of the scheme, for a period of five (5) years till 2027-28.
The total financial outlay of the scheme is Rs 3,420 crore.
Till date, a total of 21 applicants have been approved for 49 products, with a potential to utilize incentive amount of Rs 2,541 crore, the release stated.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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