NEW DELHI, Oct 2 (NNN-BERNAMA) — India’s medical device industry offers big investment opportunities and is projected to grow 28 per cent annually to reach US$50 billion (US$1 = RM4.15) by 2025, a federal minister said Thursday.
Chemicals and Fertilisers Minister D.V. Sadananda Gowda said the pharmaceuticals and medical equipment sectors would be worth US$65 billion in annual turnover in another four years and would reach US$120 billion by 2030.
“This is the most opportune time to invest in this sector in India,” he told an industry event, according to a ministry statement.
“The medical device industry in India has the potential to grow at 28 per cent per annum to reach US$50 billion by 2025,” Gowda said.
Talking about the medical sector’s manufacturing growth during the COVID-19 pandemic, the minister said from being an importer of personal protective equipment (PPE), India is now self-sufficient in the segment and can produce 500,000 PPE kits daily.
— NNN-BERNAMA
