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14.05.24 15:35
Society

India funds healthcare and advanced manufacturing

Country's local production is waiting for big investments

India's established industries, such as advanced manufacturing and healthcare, would draw significant investment in 2024. This is reported by ANI, a partner of TV BRICS.

According to the source, investors back tried-and-true business concepts with room for expansion in the long run.

75 per cent of investments went to industries including advanced manufacturing and healthcare in 2023, which showed resilience and gained market share.

The nation's healthcare system will keep funding specialty and low-profile hospitals. In 2024, significant transactions involving pharmaceuticals and medical technology are also probably in the works.

Due to investors' continued interest in established companies that have demonstrated long-term, sustainable growth, the majority of conventional sectors have remained robust. Over US$1 billion were invested in five massive initiatives in this sector.

Between 2021 and 2023, investments in advanced manufacturing rose by an average of 20 per cent. Diversification of the supply chain, government initiatives like the production incentive programme, and the introduction of multiple large-scale assets into the market have all contributed to the sector's growth.

Major investments have also been made in the production of electric vehicles, and as a result of the growth in the penetration of electric vehicles in 2023, their proportion has increased from 1 per cent in 2019 to over 6 per cent.

Photo: iStock

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