DECEMBERASIA BUSINESS OUTLOOK9NEWSROOMTHAILAND SEES ECONOMIC RECOVERY OWING TO TOURISM & CONSUMERISMIndia's medical technology industry is expected to touch exports of up to $20 billion by 2030, but the sector needs more government incentives and further ease of doing business to accelerate overseas shipments, industry body CII said on Friday.The production-linked incentive (PLI) scheme for the medical technology sector currently available for select medical devices needs to be extended across products, while export incentives to 'reimburse hidden costs' need to be provided to manufacturers, CII Chairman National Medical Technology Forum Himanshu Baid told reporters."Today, we are importing almost 60 to 70 per cent of our medical equipment which are needed in the country. Whereas, our manufacturing is still very low as around 30 per cent is only manufactured in the country. Our imports are far exceeding our exports. Our imports are almost $8 billion and our exports are close to $4 billion", he said.However, Baid said, India has the best potential to grow this industry to the next level, taking advantage of the world adopting the 'China plus one' strategy to reduce import dependence on one particular country.India is very well poised to take advantage of it on the back of the talent it has in terms of software, hardware and low-cost of labour as compared to China. Thailand's economy showed signs of improvement in October, driven by tourism, exports, and private consumption, bolstered by government economic stimulus measures, according to the Bank of Thailand (BOT). Exports, a critical pillar of the economy, surged by 14.2 percent year-on-year, while imports rose by 17.1 percent, leading to a trade surplus of $1.4 billion. Industrial production also increased, supported by rising domestic demand and exports, excluding the automobile sector.The country recorded a current account surplus of $0.7 billion in October, up slightly from September's $0.6 billion. Private consumption grew by 0.8 percent month-on-month, while private investment increased by 4.5 percent. Additionally, government spending saw a notable rise, contributing to the overall economic activity. Tourism, another key economic driver, provided substantial support to the service sectors, though structural challenges continued to weigh on certain businesses and household incomes.In a surprising move, the BOT reduced its policy interest rate by 25 basis points to 2.25 percent during its October 16 review. It also revised its 2024 GDP growth forecast upward to 2.7 percent from 2.6 percent but slightly reduced its 2025 growth projection to 2.9 percent from 3.0 percent. The economy grew by 3 percent annually in the July-September quarter, marking the fastest pace in two years. However, officials and analysts have raised concerns about sustaining this momentum amid potential challenges in the upcoming year. INDIA'S MEDTECH SECTOR SEEN RISING IN LIGHT OF CHINA+1 MOVEMENT
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