Context:
The Yamuna Expressway Industrial Development Authority (Yeida) announced broaden the scope of its upcoming Medical Device Park by adding an additional 150 acres to the project.
More On News:
- The Medical Device Park, initially planned over 350 acres, is set to grow to 500 acres with the proposed expansion.
- This move is intended to attract increased investments, promote industrial growth, and further establish the region as a key center for medical device manufacturing in the country.
- A total of 40 new companies have registered to invest in the Medical Device Park, which will focus on the production of equipment used in the prevention and treatment of serious diseases.
- Land parcels spanning 179 acres have already been allotted to 74 companies, of which 36 companies have executed lease deeds, one has completed construction, and 11 are currently in the construction phase.
- The park is being developed as a prime investment hub, offering incentives under the Foreign Direct Investment (FDI) policy such as a 75% land subsidy, ₹2 crore for R&D, five years of PF support, and a ₹100 crore capital subsidy.
- The facility will focus on manufacturing advanced medical equipment for the diagnosis and treatment of rare and critical illnesses such as cancer.
- It will produce devices including those for radiotherapy, photon therapy, angioplasty, stents, CT scans, MRIs, and more.
- This initiative is expected to attract investments worth several thousand crores to Yamuna City and significantly reduce India’s reliance on imported medical devices.
- The Medical Device Park will feature state-of-the-art infrastructure, including a common tooling room, rapid prototyping and tooling unit, mechatronics zone, electronic assembly facility, administrative block, export promotion centre, incubation centre and centre of excellence, etc.
