In a bid to boost investment in the $7 billion medical device sector, the Indian government announced that foreign companies could now fully own existing medical device manufacturers in the country, without the need to get prior approvals.

This easing of existing regulations has been done to encourage foreign direct investment since the domestic capital market was not able to provide the much needed investment in this sector.

HDFC Securities estimates that India currently imports about 70 percent of its medical devices requirement from overseas.