JULY 20249TOP STORIESREDEFINING MEDICAL DEVICE STANDARDS & MANUFACTURING IN INDIATELECOM PLI SCHEME SURPASSES INR 50,000 CRORE MILESTONE IN THREE YEARSA new emerging trend is poised to transform the scale of the healthcare industry in India starting July 23, when the Finance Minister of the country, Nirmala Sitharaman is expected to present her seventh straight budget. There is expectation for an imminent landmark program to be launched for the enhancement of the medical device industry in the country which is expected to bring about radical measures that can alter the domestic manufacturing landscape.Informed sources indicate a broad plan that goes beyond conventional confines and covers all the scopes of medical devices and some of the critical use items like dressings, needles, and syringes. This move is set to create new standards in quality and is bound to cut down on import dependency in a big way, which is in sync with India's strategic goal of indigenization of essential healthcare segments.Pledged to this are proposed strict norms to be laid down by such institutions as Quality Council of India and Bureau of Indian Standards that will promise efficient functioning of the regulatory frame work, effective post market surveillance and thorough clinical assessments. These measures are not only intended to enforce compliance but also to raise the standards of the product's efficacy and safety. Championed by the Department of Pharmaceuticals under the Ministry of Chemicals and Fertilisers, this long-term vision is in the process of transforming India into a leading supplier of medical devices. Sales of telecom equipment have surpassed the Rs 50,000 crore milestone under the Production Linked Incentive (PLI) scheme. Within three years of its inception, the Telecom PLI scheme has attracted an investment of Rs 3,400 crore, resulting in telecom equipment production exceeding Rs 50,000 crore, with exports reaching approximately Rs 10,500 crore.According to a press release by the Ministry of Communication, this accomplishment reflects the success of governmental efforts to bolster domestic manufacturing and reduce import dependence, aligned with Prime Minister Narendra Modi's vision of 'Atmanirbhar Bharat.' This achievement has resulted in the creation of more than 17,800 direct jobs and numerous indirect employment opportunities, underscoring the robust growth and competitiveness of India's telecom manufacturing sector.Government initiatives aimed at promoting local production and reducing import dependency have played a pivotal role in this success, aiming to bolster domestic manufacturing capabilities and position India as a global hub for telecom equipment production.The Production Linked Incentive Scheme for Large Scale Electronic Manufacturing of Electronics, encompassing mobile phone and component manufacturing, has significantly boosted both production and export figures. From producing 5.8 crore mobile phones and importing 21 crore units in 2014-15, India manufactured 33 crore phones domestically in 2023-24, with only 0.3 crore units imported and nearly 5 crore units exported.The value of mobile phone exports surged from Rs 1,556 crore in 2014-15 to Rs 1,28,982 crore in 2023-24, highlighting substantial growth and reduced import reliance. This growth signifies the effectiveness of the PLI scheme and the government's commitment to enhancing India's manufacturing capabilities in the telecom sector. JULY 20249
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