Manufacturing is the backbone of the economy. Global competitiveness in manufacturing fosters growth, productivity and employment and strengthens the agriculture and service sectors. India has the potential to become a manufacturing hub for textiles, automobiles, steel, metals and petroleum products for the world market. India has emerged as a premier global manufacturing hub with the foray of a number of Multi National corporations such as General Motors, Ford, Suzuki, Hyundai, Coco Cola, etc.
The current scenario portrays significant improvement in the performance of beverages and tobacco, cotton textiles, textile products, basic metal and alloy industries, non metallic mineral products, transport equipment and other manufacturing industries. Services Since the beginning of the tenth five-year plan, industry and services have acted as twin engines propelling overall growth of the economy. Service sector growth continued to be broad based. Among the three sub sectors of services, trade, hotels, transport and communication services continued to lead by growing at double-digit rates since 2003-2004. Impressive progress in the railway passenger network and production of commercial vehicles, rapid addition to the existing stock of telephone connections, particularly mobiles, growth in the financial services (banking, insurance and real estate) and the construction boom were some of the driving segments of the service sector Healthcare Industry: The Indian healthcare industry is expected to increase in size from its current 12.72 billion to 29.6 billion by 2012. Healthcare in India is achieved through a mixture of Public sector, private players and Public - Private Partnership. India will spend 33.8 billion on healthcare in the next five years as the country, on an economic upsurge, is witnessing changes in its demographic profile accompanied with lifestyle diseases and increasing medical expenses. Revenues from the healthcare sector account for 5.2 per cent of the GDP and it employs over 4 million people. By 2012, revenues can reach 6.5 to 7.2 per cent of GDP and direct and indirect employment can double.
The government has identified healthcare as a priority section and hence have taken some measures to promote one of its most important segment "Medical Device Market".
These are :
* Import license requirements have been cancelled, majority-owned subsidiaries are possible, and dividends can be paid out abroad.
* Reduction in import duty on medical equipment from 25 per cent to 5 per cent.
* The Union Health Ministry has mooted a proposal to set up a series of Medical Parks' all over the country to enable domestic health industry to manufacture health equipment at large scale.
* Around 15-20 Health Cities are expected to come up in India in the next 5 years.
* Health Cities are looking at catering to larger populations by offering facilities such as hotels, residential facilities, recreational facilities of spa, gym and even golf courses.
* India is promoting the "high-tech healing" of its private healthcare sector as a tourist attraction. It's a developing concept in India wherein people from the world over come to India for their medical needs.
* It has been found out that an operation in the US is 6 times more costlier than in India with the same expertise and hence Medical tourism is catching up fast in India.
The current scenario portrays significant improvement in the performance of beverages and tobacco, cotton textiles, textile products, basic metal and alloy industries, non metallic mineral products, transport equipment and other manufacturing industries. Services Since the beginning of the tenth five-year plan, industry and services have acted as twin engines propelling overall growth of the economy. Service sector growth continued to be broad based. Among the three sub sectors of services, trade, hotels, transport and communication services continued to lead by growing at double-digit rates since 2003-2004. Impressive progress in the railway passenger network and production of commercial vehicles, rapid addition to the existing stock of telephone connections, particularly mobiles, growth in the financial services (banking, insurance and real estate) and the construction boom were some of the driving segments of the service sector Healthcare Industry: The Indian healthcare industry is expected to increase in size from its current 12.72 billion to 29.6 billion by 2012. Healthcare in India is achieved through a mixture of Public sector, private players and Public - Private Partnership. India will spend 33.8 billion on healthcare in the next five years as the country, on an economic upsurge, is witnessing changes in its demographic profile accompanied with lifestyle diseases and increasing medical expenses. Revenues from the healthcare sector account for 5.2 per cent of the GDP and it employs over 4 million people. By 2012, revenues can reach 6.5 to 7.2 per cent of GDP and direct and indirect employment can double.
The government has identified healthcare as a priority section and hence have taken some measures to promote one of its most important segment "Medical Device Market".
These are :
* Import license requirements have been cancelled, majority-owned subsidiaries are possible, and dividends can be paid out abroad.
* Reduction in import duty on medical equipment from 25 per cent to 5 per cent.
* The Union Health Ministry has mooted a proposal to set up a series of Medical Parks' all over the country to enable domestic health industry to manufacture health equipment at large scale.
* Around 15-20 Health Cities are expected to come up in India in the next 5 years.
* Health Cities are looking at catering to larger populations by offering facilities such as hotels, residential facilities, recreational facilities of spa, gym and even golf courses.
* India is promoting the "high-tech healing" of its private healthcare sector as a tourist attraction. It's a developing concept in India wherein people from the world over come to India for their medical needs.
* It has been found out that an operation in the US is 6 times more costlier than in India with the same expertise and hence Medical tourism is catching up fast in India.
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