The Chemicals and Fertilizers 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 minister stated that manufacturing of medical devices in India shall be a significant step forward in strengthening the domestic supply chain. He urged industry participants to make concrete efforts toward increasing the localisation impact and deepen the domestic manufacturing of components. He also encouraged the industry players to work towards reducing the import-export trade gap in the sector.
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 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.
