New Delhi, May 27
With India on the brink of becoming the world’s fourth-largest economy, the milestone will boost the country’s manufacturing and medical technology sector, according to the Association of Indian Medical Device Industry (AiMeD) on Tuesday.
NITI Aayog on Monday said India is set to become the fourth largest economy in the world by overtaking Japan by the end of 2025.
The International Monetary Fund (IMF), in its World Economic Outlook (WEO) report released in April, said that India is expected to be the fourth largest economy in the world with a GDP of $4.19 trillion in 2025, ahead of Japan.
For the medical devices sector, the achievement will boost indigenous manufacturing and self-reliance, said Rajiv Nath, Forum Coordinator of the AiMeD.
“A growing economy allows us to scale up R&D, invest in new technologies, and become globally competitive,” Nath said.
“The recognition of India as a top-tier economy will boost investor confidence, drive global partnerships, and open doors for Indian manufacturers to lead not only in volume but in innovation and quality,” he added.
The World Economic Outlook (WEO), released by the IMF in April showed that India's GDP for the full year 2025, would become higher than that of Japan.