India’s medical technology sector is projected to reach exports of up to USD 20 billion by 2030, according to the Confederation of Indian Industry (CII). However, the industry needs additional government incentives and easier business conditions to boost overseas shipments, CII said on Friday.
Himanshu Baid, Chairman of CII’s National Medical Technology Forum, called for the expansion of the Production Linked Incentive (PLI) scheme. Currently, it is available only for select medical devices, but Baid believes it should be extended across all products. He also urged the government to introduce export incentives to help manufacturers offset hidden costs.
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“Today, we import almost 60-70% of the medical equipment we need. Only around 30% is manufactured locally. Our imports, which total nearly USD 8 billion, far exceed our exports,” Baid said.
Despite this, Baid emphasized India’s potential to grow its medical technology sector, particularly with the global shift towards the ‘China plus one’ strategy. This strategy aims to reduce dependency on a single country for imports, creating an opportunity for India to expand its manufacturing base.
India is well-positioned to capitalize on this trend due to its strengths in software, hardware, and lower labor costs compared to China.
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