People favour stable govt because it boosts economy: MoS Khuba at G20 event

Union Minister of State for Chemicals & Fertilizers Bhagwanth Khuba on Saturday said the Indian economy is growing because of the stable government under the leadership of Prime Minister Narendra Modi.

Khuba was addressing the valedictory session of 'India MedTech Expo 2023' here as part of the G20 Health Ministers' Conference, which is set to conclude during the day.

"The Indian economy currently stands at USD 3.3 trillion and it will achieve the target of USD 5 trillion in the next four years. When India will be celebrating 100 years of Independence, the size of the Indian economy is expected to remain between USD 32 to 42 tillion. In that, the contribution of the health sector will be significant," said the minister.

"Apart from having a young workforce, India currently has a stable government and people want to see a similar stable government in the future. Investors always favour a stable government. People of India have now understood that the economy will grow if we have a stable government," he added.

India was dependent on other countries in many sectors earlier but the picture changed after Narendra Modi became prime minister nine years ago, Khuba said.

"PM Modi changed the approach and mindset of both the government and people. He formulated policies to boost the confidence of investors. That is the reason why India is now marching forward to be self-reliant in many sectors. The PM says that always dream big and work hard to fulfill that dream. If we all come together and work hard, we can turn this emerging sector (medical devices) into a profitable sector," he said.

Nearly 10,000 persons visited the expo organised by the Department of Pharmaceuticals to promote the medical devices sector, the minister informed.

It saw participation of nearly 80 startups, 225 companies and exhibition of 74 future technologies and products, he added.

Secretary in the Department of Pharmaceuticals, S Aparna, said the medical devices sector has the potential to grow to the size of about USD 50 billion.

"I want to assure the industry leaders that the government is here to promote your growth. India is now very important both as a market and as a producer. Medical devices sector is an import-dependent sector. This expo has shown that the Indian medical device sector is in a take-off phase now and it is going to only grow further and provide devices for not only our country but for the entire world. Many foreign delegates were impressed by our products and some of them even placed orders," she said.