India’s medical devices sector opens up to 100% foreign investment
06-Jan-15, The Economic Times
The department of industrial policy and promotion (DIPP) on Tuesday issued a press note notifying the Cabinet's decision to open the cash-starved medical devices sector to 100% foreign direct investment through the automatic route. The Cabinet had last month cleared the proposal, which was floated by DIPP, the nodal agency for FDI policy.
Earlier, there was no separate policy for medical devices, which were covered under pharmaceuticals. The pharma policy imposed stiff foreign investment conditions, including mandatory government approvals in case of brownfield investment or stake acquisition in existing Indian companies.