PM Modi is intent on encouraging growth and foreign investments. The growth rate of India is expected to change from 7.2% in 2014 to 7.5% this year and China to face deceleration with growth rate from 7.4 per cent last year to 6.8% this year and 6.3% a year after. IMF said: “the recent policy reforms, a consequent pick-up in investment, and lower oil prices will benefit the growth rate in India”.
The economic performances of other emerging countries are not likely to improve but the increase in growth forecast for India is spot on. The global growth rate is to remain moderate and is forecasted at 3.5% for 2015.
The medical device market is expected to grow at a high rate of CAGR 15.0% in this period. The commitment of the government for investments is also seen in the medical device sector with the CDSCO focusing on decreasing approval time for registration of medical devices in India, increased transparency in the list of notified medical devices in India and encouraging foreign companies to invest in the medical device sector.