New Delhi, Apr 26 (PTI) The Union Cabinet on Wednesday approved National Medical Devices Policy with an aim to increase domestic production and reduce imports of such equipment.

Briefing media after the Cabinet meeting, Union Health Minister Mansukh Mandaviya said it will promote domestic production of medical devices.

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Last year, the government had floated an approach paper on the draft national medical devices policy 2022 for consultation.

The policy is expected to help the medical devices sector grow from the present USD 11 billion to USD 50 billion in the next five years.

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The government has already initiated implementation of the PLI Scheme for medical devices and extended support for setting up of 4 medical device parks in Himachal Pradesh, Madhya Pradesh, Tamil Nadu and Uttar Pradesh.

Under the Production Linked Incentive (PLI) scheme for medical devices, till now, a total of 26 projects have been approved with a committed investment of Rs 1,206 crore and out of this, so far, an investment of Rs 714 crore has been achieved.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)