Foreign medical device makers can now “make in India”, with the government on Wednesday approving 100 per cent foreign direct investment (FDI) in the sector.
The Union Cabinet, chaired by Prime Minister Narendra Modi, cleared the hindrances in the way of foreign firms fully owning existing medical device makers in the country.“So far as both in greenfield and brownfield projects are concerned, 100 per cent FDI is allowed.
Within the same category, a distinct new sub-category has been carved out with regard to medical devices,” said Finance Minister Arun Jaitley. Medical devices include any instrument, apparatus, appliance, implant, material or article including software intended by manufacturer to be used specially for human beings or animals for one or more of the specific purposes.
Published 24 December 2014, 20:09 IST