Greater Noida: The center on Friday gave a principle approval to the Park Off The Yamuna Expressway medical device.
The Ministry of Chemicals and Fertilizers requested the Secretary of the Head and Secretary of the Head of the Industrial Department to start work and compiled a report before December 23.
The medical device park, which is planned to be more than 350 hectares, is expected to attract an investment worth Rs 15,000 Crore in the long run.
In the first phase itself, officials hoped to get RS 5,200 investment crore.
The authority of the development of the Yamuna Expressway Industry (Yeida), which will carry out the project, has submitted its vision plan for the park with the center.
In the proposal, Yeida has highlighted the need for such a park, showing that up 46 medical colleges and 130 educational institutions that offer courses related to pharmaceutical, bio-technology and medical studies.
It also said that NCR requires a medical device park to supply equipment to neighboring countries.
According to a rough estimate, more than 70% of medical devices, surgical equipment and equipment are imported from abroad.
A total of 16 states and the United States have demonstrated interest in establishing a medical device park.
Among them, the proposal rose, Himachal Pradesh, Madhya Pradesh and Tamil Nadu were accepted and the park was approved in four countries.
Yeida has now approached the Kalam Institute of Health Technology to prepare detailed project reports.
“The Center for Public Facilities and Allied Infrastructure will be given to all entrepreneurs.
Operational costs will also be rationalized.
Subsidies will also be offered by the state government to those who establish units,” said Arun VIR Singh, CEO Yeida.
Yeida has decided to develop the first phase of the project more than 90 hectares in sector 28.
It will also limit 89 plots to be offered in the first phase.
Officials said the park had to be operational in March 2025 to claim the benefits and financial assistance offered by the Department of Pharmacy.
Yeida works with IIT Kanpur and Noida International University for technology transfer programs and increases the facilities to be offered in the park.
Authority is expected to sweep the RS 1,000 Crore financial assistance from the central government as soon as the operational park.