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The post Powering Bharat’s Future: Unlocking the Next Wave of Growth Across India’s Electricity Value Chain appeared first on Avalon Consulting.

He highlighted that reallocating funds from R&D toward debt obligations is not a positive signal, as it reflects underlying financial stress rather than strategic prioritisation. The article notes that sustained investment in innovation is critical for long-term competitiveness and diverting R&D budgets to manage losses could weaken future growth prospects.

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The post Ola Electric cuts R&D budget to service debt as sales and revenue slide appeared first on Avalon Consulting.

He highlighted that while India’s shift toward cleaner fuels like LPG and CNG has improved sustainability, limited on-site storage capacity makes manufacturing operations more vulnerable to supply disruptions. The article notes that such external shocks can significantly impact production continuity and cost structures across the auto industry.

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The post Why West Asia War Is Turning Out to Be a Perfect Storm for India’s Auto Industry appeared first on Avalon Consulting.

He highlighted that prolonged LPG shortages and rising prices could severely impact small food businesses, particularly street vendors who lack the financial flexibility to absorb higher costs. The article notes that delivery platforms can play a supportive role by enabling LPG-efficient menu design and assisting partners with more reliable sourcing solutions.

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The post LPG shortage forces restaurants to turn frugal appeared first on Avalon Consulting.

He highlighted that strong distribution is critical to building customer confidence, particularly around service reliability. The article notes that while Ather’s deeper, city-wise expansion strategy can strengthen market presence, overly rapid store additions could risk creating service gaps if not supported by robust after-sales infrastructure.

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The post Ather targets 400 new stores in FY27 — doubling down on distribution appeared first on Avalon Consulting.

They highlighted that ESG factors are no longer just ethical considerations but are increasingly becoming financially material, influencing risk, profitability, cost of capital, and investor decisions. The article emphasizes the concept of “dynamic materiality,” where environmental and social issues can evolve into core financial risks or opportunities over time due to regulatory changes, stakeholder pressure, and market expectations.

Further, they suggested that companies must integrate ESG into core strategy, sector-specific risk assessment, and disclosure practices moving toward an “EESG” approach that links sustainability directly to economic performance and long-term value creation.

Five years post the COVID-19 pandemic, the incorporation of Environmental, Social and Governmental (ESG) factors into company functioning has become critical. Increasing sophistication in measurement, disclosure policies and other regulatory mechanisms have led the charge in this revolution. Tech innovations have radically increased transparency on compliance. Regulators, customers and interest groups like prospective employees, NGOs and industry associations have begun creating an urgent impetus for companies to not just respond to growing ESG concerns, but to incorporate a proactive, forward-looking approach to ESG [i]. Traditionally sidelined as a check box ESG is now becoming a strategically significant and financially material tool for value-creation.

The term dynamic materiality has recently entered conversations around ESG. Given the greater availability, dissemination and response to information about ESG performance lapses, it has become critical for firms to understand the materiality of ESG, both at present and over time. It is crucial for proactive risk management and strategic planning.

Understanding ESG Materiality

Materiality, defined by SASB, refers to any information that could cause a reasonable investor to think differently about whether to buy or sell the stock. ESG materiality considers broader, indirect factors, such as GHG emissions, water and wastewater management, labor protection and systemic risk management.

While traditionally financial materiality refers to factors directly affecting economic risks and rewards, when looked on as an evolving concept, ESG issues can become financially material over time. An HBS report highlights the five steps through which this happens:

Chart: Stages of ESC Materiality

Source: Harvard Business School, 2020

Status quo prevails when a fundamental misalignment of customer and company interests prevails due to lack of information or norms that entail tolerating it. CFCs used in air conditioners, for example, were widely used before the 90s when information about ozone layer erosion was not available. Similarly, labor protections were not widely enforced in the sub-contracting based textile industry in India until after cases like the Sumangali scheme came to light through international reports from NGOs. In both cases, a catalyst force brought fundamental misalignments to attention, in the former case, due to new information changing societal expectations, and in the second, due to a firm’s major deviation from social responsibility.

The catalyst event soon triggers pressure from stakeholders. In the case of CFCs, the 1980s saw public interest groups like Green Peace and Friends of the Earth leading public boycott campaigns (No Future Without the Ozone) and blocking CFC shipments. Organisations like the NRDC in the US sued the Environmental Protection Agency (EPA) for stricter Ozone standards. In the Indian textile industry, similarly, it was found that under-age women were employed by factories with no freedom of movement, lack of wage security, medical care and fixed hours. This led to large scale campaigns boycotting brands such as Marks & Spencer and H&M for irresponsible sourcing (Clean Clothes Campaign, Labour Behind the Label Campaign).

Companies under intense scrutiny responded by making low-cost changes to prevent intervention or downplaying stakeholder concerns. In response to CFC concerns, DuPont, for example, dismissed ozone depletion as a theoretical risk . Brands associated with Sumangali Scheme plants pledged a code of conduct agreeing to third party auditing and implementing worker grievance mechanisms.

The last step clarifies the financial materiality that evolved for firms involved in both case studies. The Montreal Protocol signed in 1987 led to international commitments to phase-out CFCs. This led to many companies innovating alternatives. DuPont, for example, undertook an estimated USD 500 million R&D transition to HFCs (Hydro Flouro Carbons). The Sumangali Scheme led to Public Interest Litigations (PILs) by the Madras High Court as well as the enforcement of the Factories Act in Tamil Nadu – leading to costs of due diligence for firms, costs of factory reforms, for grievance redressal and others.

The Business Case for ESG Integration

There is a growing amount of empirical evidence confirming the strong interplay between financial gain and ESG performance. Within India itself, studies find strong correlation between ESG and business performance. For example, research done in the last decade show statistically significant positive correlation between ESG performance (all three pillars) and ROE in India . In the banking space, HDFC and Axis banks are both consistently at the top of CRISIL and NSE’s ESG and ROE ratings. In the FMCG space, Marico (42.7% RoE) is on track to achieve 72% recyclable packaging by 2030, also reducing scope 1 & 2 emissions by 93% in India in FY25 . Similarly, HUL (21.6% ROE) powers operations by 97% renewable energy , with an SES ESG score of 77.2 in 2025 . .In 2020, moreover, a report showed the top 5 ESG performers in India were Infosys, Mahindra & Mahindra, Tech Mahindra, HDFC and Adani Ports , all companies in diverse industries. ESG is also shown to be positively correlated with improved cost of capital and stock price performance.

The underlying reasons for this correlation are similarly well-documented. Aside from dodging the many risks associated with non-compliance, 71% of job seekers surveyed by IBM’s Institute of Business Value in 2021 said that environmentally sustainable companies are more attractive employers . A 2023 survey revealed that 80% of Indian customers are ‘very’ or ‘extremely’ concerned about sustainability and climate change and 82% have started shopping more sustainably. In the current landscape, forward-looking ESG practices can also become a source of competitive advantage, a well-known example being Patagonia that attracts loyal customers due to its commitment to zero waste and circular economy practices .

Lastly, investors are increasingly considering ESG performance as a part of their decision-making process, resulting in the development of financial instruments like green bonds, carbon trading and schemes with favorable interest rates commensurate with ESG performance. Matarin Capital, an American equity firm, designed an approach to incorporate the opioid epidemic as a financial risk for investors using news, lawsuits, and business exposure to score.

Chart: Correlation Between ESG Performance and Financial Metrics – Results from a survey of 2,500 executives and ESG experts, India, 2023

Financial returns for ESG initiatives

Sector-Specific ESG Materiality

ESG materiality depends on a firm’s industry or sector. Labor protections, for example, are more material for industries like textiles, metals and mining as opposed to tech.  Similarly, environmental concerns are more material in the energy sector as opposed to manufacturing.

While preparing to analyse future materiality of ESG factors, companies must assess which factors will become material based on their industry/specific. Investors have already begun factoring sector-specific context to assess company risk preparedness. An example is Blackrock, an investment management firm that built a low-carbon transition framework and assigned a transition score to companies using disclosed data, and sector-specific context.

Chart: ESG Issues by Sector Materiality – SASB

Regulatory Landscape and ESG Disclosure

Chart: Indian ESG Reporting Regulations Timeline

A major challenge to ESG performance has been the inability of companies to comply with the differing standards of many different ESG rating and reporting agencies. However, in the last five years, major consolidation efforts have removed this problem. IFRS (of the ISSB standards) and GRI recently announced a partnership to align their standards. Now consolidated, mandatory disclosures are being emphasized by regulatory bodies. SEBI, for example, has solidified BRSR standards as a pre-requisite filing for the top 1,000 listed companies by market cap.

Transparency in ESG reporting is essential for investor confidence and compliance. Companies must stay abreast of evolving regulations to ensure accurate and comprehensive ESG disclosures

 Conclusion: Time to Evolve ESG into EESG

As ESG issues evolve from ethical considerations into financially material risks and opportunities, it’s time for a paradigm shift. Companies can no longer afford to treat ESG as a “compliance box”—it must be integrated into core strategy and capital allocation.

The missing link in many ESG conversations is Economic impact—how ESG issues translate into profitability, productivity, and performance. It is time to transition from ESG to EESG, where Economic sustainability is equally emphasized alongside environmental, social, and governance dimensions. This shift will allow companies to make smarter trade-offs, align with stakeholders, and ensure long-term value creation—not just for shareholders, but for society.

The post From Values to Value: Navigating the Evolving Financial Materiality of ESG Issues appeared first on Avalon Consulting.

He highlighted that global automakers are increasingly positioning India as an engineering hub to leverage its deep technical talent pool. The article notes that this shift is driving the creation of high-value engineering jobs while strengthening local capabilities to develop and integrate advanced automotive technologies.

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The post Global auto parts makers turn to India for engineering appeared first on Avalon Consulting.

They highlighted that despite a strong EV ride-hailing model and rapid growth, governance failures, opaque financial structures, and related-party transactions eroded trust and ultimately led to the startup’s downfall. The case underscores that innovation and scale cannot compensate for weak transparency and financial discipline.

Further, they suggested that startups must embed strong governance, prudent cash-flow management, diversified dependencies, and transparent stakeholder communication from the outset to build sustainable, crisis-resilient businesses.

In the vibrant streets of Delhi-NCR and Bengaluru, BluSmart’s electric vehicles stood for more than just transportation—they represented India’s commitment to sustainability. While Ola and Uber faced challenges with surge pricing and contractor disputes, this EV ride-hailing startup offered a groundbreaking solution: owned fleets, dedicated drivers, zero emissions, and true stability for all the concerned stakeholders.

With 8,000 electric vehicles completing over 30,000 rides daily and ₹400+ crore raised from domestic and international investors, BluSmart looked unstoppable. Unlike traditional cabs/rides giants, the drivers were employed full time, with a stable income and dignity in this economy. For customers, it meant reliable service without surge pricing nightmares and long waiting hours. For investors, it represented the ideal balance of sustainability and scalability.

That future died in 2025, leaving behind a trail of broken promises and a tough lesson about transparency in India’s startup ecosystem.

Weak Financial Foundation and Lack of Trust

Behind BluSmart’s impressive growth numbers lay a dangerous secret that would eventually bring down the entire operation. The fleet that defined the company did not belong to BluSmart, but by a related listed entity Gensol Engineering co-founded by its own promoters. This seemingly clever financial structure allowed BluSmart to scale rapidly without massive capital expenditure, but it also created a web of conflicts that later become its undoing.

BluSmart Financials (in INR Crs.)- As per BluSmart Website and Tracxn

Blusmart’s revenue was ~172 Cr in FY24, grew 142% from FY23 that was 71 cr only. Also, expenses rose by 124% with major components of finance costs and depreciation, despite having most of their fleet as leased from Gensol and other 3^rd party companies. The company was heavily leveraged, eventually leading to credit downgrades and default. They even masked their inability to pay by misrepresenting “no-default” letters to rating agencies.

Gensol Engineering Financials (in INR Crs.)- As per Money Control

Not only Blusmart, but Gensol’s revenue in FY24 jumped 112% from FY23 and profits rose by 116% in FY24.

Has Gensol Engineering recognized BluSmart’s operational activity, lease payments, or even profits as its own, and are its reported profits and revenues reflective of actual independently generated business?

Gensol had announced pre-orders for 30,000 EVs in January 2025 and a strategic tie-up with Refex Green Mobility for 2,997 EVs. However, SEBI found that these were based on non-binding MOUs with no pricing or delivery schedules. A surprise inspection by NSE revealed that Gensol’s EV manufacturing plant in Pune was practically non-functional, with minimal power usage and no significant activity.

The story does not end here, over ₹978 crore in loans and public funds, which was raised by Gensol Engineering from 2021 onwards to buy 6400 EVs, flowed through this cozy relationship between the two entities. And only ~4700 vehicles were bought from Go-Auto, diversion of ~₹260 crore was noticed.

The regulator traced the alleged methods of diversion, finding that funds transferred from Gensol to the EV supplier (Go-Auto) were often routed back, either directly to Gensol or through a complex web of transactions involving other related entities (such as Wellray Solar Solutions, Gosolar Ventures, Matrix gas and renewables, Param Renewable Energy, and Capbridge Ventures, linked to the promoters)

Instead of staying within the operating company and building a sustainable infrastructure, the funds were diverted to personal luxuries that would infuriate any investor.  A ₹50 crore apartment here, private travel expenses there, even high-end golf equipment of—all funded by money meant for electric vehicles and driver welfare.

When SEBI began investigated this maze of related-party transactions, the operations halted overnight, the promoters were barred from capital markets, and the lenders moved to repossess vehicles. Years of careful brand building vanished in weeks.

BluSmart’s failure became worse, and the company suddenly stopped communicating. A brand built on trust and transparency went completely silent.

Over 10,000 drivers, who had left other jobs for BluSmart, were asked to return their vehicles for audits and then heard nothing. Their weekly payments stopped; calls and messages were ignored.

Customers’ money got stuck in Blu Wallet, refunds being delayed and employees were unaware about their jobs and salaries. The worst part was that no one explained anything, in tough times, clear communication can help, but BluSmart’s silence only made things worse.

Governance Isn’t Optional—It’s Survival Infrastructure

BluSmart’s story proves the severe effect that a fundamental governance failure can have, even when the business model is brilliant and has a genuine market demand. The company’s impressive operational metrics meant nothing when trust in the leadership is broken. From day one, startups must establish independent board oversight, maintain strict separation between personal and corporate finances, and implement robust internal controls.

It’s the foundation that enables sustainable growth and investor confidence and is not just a bureaucratic overhead. The startups thriving in the next decade will be those that build governance into their DNA, not those that treat it as a compliance checkbox to be addressed when they expand

The New Rules of Startup Viability

In today’s rapidly changing startup environment, the journey of BluSmart highlights some of the crucial factors for success in capital-intensive, operationally demanding industries. This case ideals that aggressive growth & market dominance are no longer enough; there should be a focus on financial management, adaptable business models, and robust funding strategies to manage economic shifts. BluSmart prioritized quality (owing the EV fleet, hiring drivers, and developing proprietary charging stations), which helped in building customer loyalty, but it also led to a capital-heavy model and for this reason, the startup faced a hard time when their funding dried up and market dynamics shifted.

This shows that modern startups should balance innovation with cost efficiency, prioritize scalable partnerships over full ownership, diversify revenue sources, and optimize asset use. It is also important to ensure financial viability along with prudent cash flow management and sustainable profitability to withstand market volatility. A sharp focus on unit economics and adapting flexibly to funding conditions is essential for startups to survive in these uncertain times.

Smart startups diversify their critical suppliers, partners, and operational dependencies from the start, unlike the case of BluSmart having fatal dependence on the related company, causing a catastrophic failure when one started facing regulatory & operational challenges.

It might cost more initially and add complexity, but it prevents the total operational collapse that leaves thousands of stakeholders stranded.

Proactive compliance across all business functions is about maintaining operational continuity and stakeholder trust and not just about avoiding penalties. The startups that embrace compliance as competitive advantage, not cost, will outlast those that don’t.

In the time of crisis, BluSmart’s complete lack of transparent communication with employees, drivers, and customers destroyed whatever trust remained. Crisis communication plans, stakeholder protection protocols, and transparent engagement models are the essential infrastructure for any startup touching real people’s livelihoods and not just the luxuries for later-stage companies.

Wake up call for Startups

BluSmart’s journey from promising startup to cautionary tale talks about a fundamental truth that is reshaping India’s entrepreneurial landscape: innovation without integrity is ultimately unsustainable. The startups that build their innovation on bedrock of ethical leadership, financial discipline, scalable models, strong unit economics, and operational resilience will thrive in the long term.

Every crisis BluSmart faced was preventable through better governance, transparent financial management, checking the viability of the model, and stakeholder-first thinking. Startups that understand these lessons and follow them from the beginning will succeed more than their peers.

For millions of users who rely on digital platforms for daily needs, the BluSmart collapse represents more than a business story, it reflects a breach of faith that reshapes how they view the entire startup ecosystem. Every time someone books a ride through another app now, there’s a lingering question: which platform will be next to break the trust that took years to build and seconds to destroy?

The post BluSmart’s Downfall: A Wake-up Call for Indian Startups appeared first on Avalon Consulting.

They highlighted that large-scale concerts are evolving into powerful economic engines, driving tourism, hospitality, retail, and job creation, as seen in major events that generate significant local spending and infrastructure activity. The article notes a broader cultural shift, with younger consumers increasingly prioritizing experiences over material purchases, fueling sustained demand for live events across both metro and tier-2 cities.

On a crisp January night in Ahmedabad, as Coldplay’s Chris Martin sang “A Sky Full of Stars” to a stadium packed with more than a hundred thousand fans, the roar that followed wasn’t just about music. It was the sound of a new market awakening. Over two nights, the Narendra Modi Stadium hosted 2,22,000 people in what became the largest stadium concert of the 21st century. Hotels sold out, flight fares skyrocketed, restaurants reported their best weekends in years, and taxis doubled their rates without losing customers. By the time the lights dimmed on Coldplay’s “Music of the Spheres” tour, the city had registered an estimated economic impact of ₹641 crore, including ₹392 crore in direct local spending and ₹72 crore in GST revenue.

This was not just a concert. It was a case study in what Prime Minister Narendra Modi recently called the “concert economy”, the idea that live music has moved beyond art and fandom to become an economic engine in its own. “A country with such a huge legacy of music, dance, and storytelling is also a huge consumer of concerts. There are many possibilities for the concert economy,” Modi declared at the Make in Odisha Conclave in early 2025. His remarks came after Coldplay’s shows set new benchmarks, but the prime minister’s framing was clear: India is no longer just hosting concerts, it is building an industry around them.

From Swiftonomics to Coldplay in Ahmedabad

The term “concert economy” echoes a global trend that first drew attention with Taylor Swift’s Eras Tour. Economists coined “Swiftonomics” to describe how her concerts sparked travel booms, sold out hotels, and injected billions into local economies. In the U.S., her tour generated an estimated $4.6 billion, with ripple effects across tourism, retail, and services. In Britain, her performances added nearly £1 billion to GDP. Singapore even struck an exclusive deal with Swift, paying millions per show to ensure fans from across Southeast Asia flew in.

India’s Coldplay moment was the local equivalent: a glimpse of what happens when global stars meet an audience base that is young, cash-ready, and hungry for experiences. Around 86% of the attendees travelled from outside the city of Ahmedabad. In three days, the airport handled around 1,38,000 passengers, trains ran with record waitlists, and hotel room rates soared to as much as ₹90,000 a night. Cab bookings surged to over 400%. There was a footfall growth of 40% in the restaurants.

Illustration 1: India’s Concert Spending Snapshot

A Cultural Shift, Not Just an Economic One

The momentum is not only about money. It is about a generational pivot. For many Indians, particularly urban millennials and Gen Z, concerts are no longer one-off treats but social milestones. Where earlier generations saved for property or gold, this one spends on experiences, on being part of a moment.

Industry insiders point to a post-COVID behavioural shift. Social currency has replaced thrift as the marker of status. Fear of missing out, the dreaded FOMO, drives ticket demand as much as musical taste.

Platforms like BookMyShow and Zomato’s District have made ticketing seamless. Integrated digital infrastructure allows for advance sales, tiered pricing, VIP experiences, and even livestream options. At Coldplay’s Ahmedabad show, the live stream drew 8.3 million views and clocked 165 million minutes of watch time.

The Boom Spreads Beyond Metros

Perhaps the most surprising feature of India’s concert economy is how quickly it is moving beyond Delhi, Mumbai, and Bengaluru. In 2024 alone, there were 30,687 live events held across 319 cities, with tier-2 cities witnessing a 682% growth in shows.

This geographical shift has powerful consequences. Each major concert in a smaller city can create 15,000 – 20,000 temporary jobs, from logistics and security to digital media and artist liaison. About 10 – 15% of these roles are already converting into full-time. A global talent solutions firm projects that India’s concert economy could generate 12 million jobs by 2032⁴.

For local governments, every event is a chance to improve a city’s popularity, boost its tourism, and support local businesses. The Tourism department of Gujarat utilized the weekend in which Coldplay performed to showcase the city’s heritage. They promoted the handloom bazaars and the street food scene, showcasing the city’s traditional offerings. In Jaipur, Diljit Dosanjh’s concert led to the city subsequently receiving the Indian Film Academy Awards.

The Money Trail

For brands, concerts are no longer about logo placements but about emotional association. Kotak Mahindra Bank, for instance, has backed nearly every major international act in recent years, citing a 30 – 40% increase in customer engagement from sponsorships. Ticket sales and sponsorships make up the bulk of concert revenues, contributing nearly 80%.

Illustration 2: Breakdown of Concert Revenue Sources

Meanwhile, talent fees drive the costs, which can consume 60% of a show’s budget. Coldplay, like most global acts, travelled with their own crew, equipment, and stage design. Promoters must add venue costs, sound and lighting vendors, crowd security, and insurance. Profit margins can be slim; 10% is considered respectable, unless sponsorship is strong. An artist’s popularity is a key factor determining whether an event breaks even or records a profit.

Indian artists like Arijit Singh, Honey Singh, and Diljit Dosanjh charge lower fees than international artists while attracting crowds that match or surpass them in tier-2 cities. Higher ROI is generated from such events. In effect, while international stars are the catalysts, Indian performers are the spine of the domestic concert economy.

The Roadblocks Ahead

For all the promise, India’s concert economy faces some constraints. There are fewer than a dozen purpose-built arenas with capacities of over 10,000. Licensing is cumbersome, with 10 – 15 approvals required from various authorities. High GST rates, which are now reduced to 18% still pinch. Independent artists still struggle to find platforms. The amount of waste that is generated from the stadium after the concert is a matter of concern, and last but not least, there is no measure to determine how many tickets are sold in black.

A Blueprint for the Future

Yet optimism prevails. The Coldplay concert showed what is possible when planning, technology, and governance align. Special Trains, extended metro services, sustainability, and turf protection measures demonstrated a city adapting to global standards. Accessibility initiatives like vibration jackets and sign-language interpreters for the hearing-impaired set a benchmark for inclusivity.

The next step is to institutionalize these lessons. Public-private partnerships could fund multi-purpose arenas. A single-window clearance for events could replace the maze of permissions. Training programs in sound, lighting, and stage management could professionalize the workforce. And standardized impact assessments like the Ahmedabad study could help cities compete to host global tours by proving the economic returns.

More Than Money

Ultimately, the concert economy is about more than GDP. It is about how culture and commerce intersect to create a shared meaning. On January 26, Coldplay and Jasleen Royal led over 1,00,000 people in singing Vande Mataram, demonstrating how music can boost civic identity, national pride, and international visibility.

By 2030, if India sustains the momentum, it could be among the top five live entertainment markets worldwide, with revenues approaching ₹15,000 crore. But the true measure will lie in the stories people tell of achieving a milestone.

In that sense, India’s concert economy is not just about swelling balance sheets. It is about the lights going down, the first chord striking, and tens of thousands of strangers singing in unison. That sound is both an anthem and an economy in the making.

The post India’s Concert Economy: When Music Becomes a Market appeared first on Avalon Consulting.

He highlighted that in consumer healthcare, brand trust is anchored in predictability, safety, and quality, which cannot be compromised for speed or customer delight. The article notes that once basic quality thresholds are breached, reputational damage can be severe and often irreversible, making clinical rigor essential for sustainable growth in digital dentistry.

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The post Speed, Smiles & Misalignment: The Business Dilemma in Digital Dentistry appeared first on Avalon Consulting.

​He highlighted that the Budget’s flagship ‘Biopharma Shakti’ programme, with its focused push on biopharma innovation and ecosystem development, can be a game-changer in positioning India as a global hub for advanced therapies and high-value manufacturing. He also noted that initiatives to build regional medical and tourism hubs, alongside support for electronics and semiconductor manufacturing, will strengthen healthcare delivery and accelerate localisation in critical segments such as medical devices.

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He highlighted that the Budget has reiterated its focus on building capacity and developing the healthcare ecosystem through five healthcare and medical tourism hubs, along with initiatives to strengthen allied health professionals and care workers.

He further observed that the continued emphasis on electronics and semiconductor manufacturing in the Budget will indirectly benefit the medical devices industry by accelerating localisation of electronic medical components and devices.

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