Explanation:

Department of Pharmaceuticals has released an Approach Paper for the Draft National Policy for the Medical Devices, 2022 for consultation.

• The Draft policy aims at addressing the core objectives of accessibility, affordability, safety and quality, focus on self-sustainability, innovation and growth in the Medical devices sector.

This Policy envisions that by 2047, India

• will be having few National Institutes of Medical Devices Education and Research (NIMERs) on the lines of NIPERs;
• will be home & originator to 25 high-end futuristic technologies in MedTech
• will have a MedTech Industry of $100-300 Bn size with 10-12% of Global Market Share.

The Department of Pharmaceuticals published this approach paper for the Sunrise Sector of Medical Devices, popularly called as MedTech Sector.

• The Sector is expected to grow in market size from the present 11 billion US dollar to 50 billion US dollar by 2025.

Hence both statements are correct.