The North News
New Delhi, August 29
Union Commerce and Industry Minister Piyush Goyal on Friday called on India’s medical technology industry to set bold growth targets and leverage government schemes to drive innovation and exports. Speaking at the 17th CII Global MedTech Summit in New Delhi, Goyal said the sector must evolve from being a market for imported products to a global hub for manufacturing and innovation.
“We need to secure our supply chains and build for export markets,” he told delegates, highlighting the role of the government’s Research Development and Innovation Scheme in supporting the industry. The minister praised the resilience of the MedTech sector during the COVID-19 pandemic and its contribution to India’s self-reliance in healthcare. He urged companies to invest heavily in domestic manufacturing and research to develop next-generation devices that are affordable and accessible.
Goyal also stressed the need to focus on preventive healthcare and patient welfare, alongside strengthening skill development to build a talent base for the sector. On trade, he said India is in advanced talks on free trade agreements with the EU, Mauritius, Oman, UAE, Peru and Chile, while also discussing a bilateral trade treaty with the US. He said such deals would unlock new markets, investment, and opportunities for the MedTech industry.
The minister pointed to government initiatives such as the Production Linked Incentive (PLI) scheme as key drivers to reduce import dependence and encourage high-value manufacturing. He added that regulatory processes were being streamlined to create a more business-friendly environment without compromising safety and quality.
The summit, themed “Innovating for a Healthier Future – Advancing MedTech for Global Impact”, brought together policymakers, researchers, and industry leaders. The special plenary, “Make in India, Make for the World”, underlined India’s aspiration to establish its MedTech industry as a symbol of trust, innovation and global excellence.
