The government had floated the approach paper on the draft national medical devices policy 2022 for consultation. The policy is expected to help the medical devices sector grow from the present USD 11 billion to USD 50 billion in the next five years.
The government has already initiated implementation of the PLI Scheme for medical devices and extended support for setting up of 4 medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.
Under the Production Linked Incentive (PLI) scheme for medical devices, till now, a total of 26 projects have been approved with a committed investment of Rs 1,206 crore and out of this, so far, an investment of Rs 714 crore has been achieved.
Union Minister of State for Finance Anurag Thakur stated that the India’s medical device manufacturing sector has 1.5 percent share in the global market, and the government hopes to take this to 12 percent in the next 25 years. He said India will scale up the $11 billion market to $50 billion.
This will give a boost to the Atmanirbhar Bharat scheme and generate employment for youths besides reducing import dependency.
The Union Cabinet has also approved the establishment of 157 new nursing colleges at a cost of Rs 1,570 crore in co-location with existing medical colleges.Union Health Minister Mansukh Mandaviya noted that there is a demand for BSc nursing courses as it can create employment opportunities.
(With inputs from PTI)