weather_iconDublin | 15.53 °C | AQI 5
Saturday, 23 November, 2024

---Advertisement---

India

Govt Unveils Rs 500 Crore 5-In-1 Scheme: JP Nadda Calls It a ‘Game Changer’

The scheme consists of five components, which includes common facilities for device clusters , capacity building and skill development, a marginal investment for reduction on import dependence, clinical studies support, and medical device promotion scheme.  

Govt Unveils Rs 500 Crore 5-In-1 Scheme: JP Nadda Calls It a ‘Game Changer'

Union Chemical and Fertilizers Minister JP Nadda on Friday launched a Rupees 500 crore scheme for strengthening India’s medical devices industry. As communicated by government the initial outlays of Rupees 500 crore will be for three years, up to financial year 2026-27.

The key focus of this scheme is on manufacturing key components and accessories, skill development, support for clinical studies, development of common infrastructure, and industry promotion.

---Advertisement---

The scheme consists of five components, which includes common facilities for device clusters , capacity building and skill development, a marginal investment for reduction on import dependence, clinical studies support, and medical device promotion scheme.  

Under the scheme, Rupees 110 crore has been allotted to strengthen infrastructure through creation of common facilities such as R&D labs, design and testing centers and animal labs.

---Advertisement---

According to chemicals and fertilizers ministry “Grants of up to Rupees 20 crore for common facilities and Rupees 5 crore for testing facilities will be provided”.

For marginal investment scheme Rupees 180 crore has been allocated, to deepen value chain of producing key raw materials.

Government to provide a support scheme worth Rupees 100 crore for the clinical studies of medical devices, enabling developers and manufacturers to apply for financial assistance.

JP Nadda’s Statement On The Scheme

Nadda described the scheme as game changer and mentioned that, it will not only benefit industry but also represent a significant step in making India self-reliant.

“The government is committed to strengthening the medical devices industry through focused interventions that yield substantial and transformational outcomes,” he added.

With market size of 14 billion dollar, , Indian medical devices sector is the fourth largest in Asia. It also ranks among the top 20 global medical device market.

MD Of Poly Medicure On The Scheme

Himanshu Baid, managing director of Poly Medicure, said that, these measures will accelerate sectoral growth and reduce import dependency and enhance India’s position as leading exporter of medical devices.

He stated that, “this will not only benefit the industry but also strengthen country’s healthcare infrastructure”.

HISTORY

Written By

News24 Desk


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: Union Home Minister Amit Shah Holds Meeting With Delhi Police Officials

Nov 22, 2024
Latest LIVE News Trending Today, Real Time Updates
  • 20:24 (IST) 22 Nov 2024

    'There Is Every Possibility That The INDIA Alliance Government Will Be Formed...' Says Congress Leader Ashok Gehlot

  • 20:06 (IST) 22 Nov 2024

    ‘Every Industrialist Knows Very Well It Is Very Dangerous To Deal..’ Says Researcher Rn Bhaskar

  • 16:55 (IST) 22 Nov 2024

    'Mahayuti will form the government...' Says Union MoS Prataprao Jadhav

N24 Shorts Logo

SHORTS

Maharashtra-Assembly-Elections-2024
Beyond News

Maharashtra Assembly Exit Polls: BJP's Potential Victory Signals Nationwide Political Shifts

If the exit polls are to be believed, the BJP-led Mahayuti coalition has emerged as a winner in the assembly elections held on November 20. The political analysts believe it may have far-reaching consequences. Suppose the Congress-led coalition Maha Vikas Aghadi loses the election, as predicted by most of the exit polls.

View All Shorts

---Advertisement---

Trending