Soon 100% FDI in medical devices

The department of industrial policy and promotion (DIPP) has moved a Cabinet note to allow 100% foreign direct investment in medical devices as part of a strategy to not only reduce imports but also promote local manufacturing for the global market, which will be worth over $400 billion next year.

Over the past few months, the government has eased FDI rules in defence and construction to promote domestic manufacturing as PM Narendra Modi made a pitch for ‘Make in India’ and boost investment and economic activity. The proposal on medical devices will be a carve-out of the FDI policy in pharmaceuticals, said an official, adding that there will be no need for government approval in this segment. Currently, India imports over 70% of medical devices used here.

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