Budget 2018: Govt Can Consider Raising Import Duty On Medical Devices

News World India | 0
| January 28 , 2018 , 17:11 IST

People from every sector have high hopes for the upcoming budget which, the finance minister Arun Jaitley will present to the Parliament on February 1, 2018. However, some modifications might not sit well with the big sharks of medicine in the country.

While many hospitals prefer the medical devices manufactured in abroad, Government is planning to boost domestic manufacturing of those goods. In order to achieve the feat, the Budget 2018-19 might end up increasing the import duty on certain medical devices.

Aimed at promoting Modi government's ambitious 'Make in India' initiative, the move might raise basic customs duty on medical devices in the range of 5-15 percent, as suggested in the pre-Budget memorandum of Association of Indian Medical Device Industry (AiMeD).

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The government is reportedly unhappy with the struggle that medical device manufacturing in facing despite the 3 years of their initiative. While the current slab of the import duty on these devices is 0-7.5 percent, the anticipated change will probably help the sector.

Medical devices include any instrument, apparatus, appliance, implant, material or another article, whether used alone or in combination, including the software intended by its manufacturer to be used especially for human beings or animals for one or more of the specific purposes.

 AiMeD has stated that the medical devices sector expects an extension of inverted duty tariff rationalisation to medical electronics and diagnostics. India might have achieved an important global position in the pharmaceutical sector but the same is not reflected in the medical devices industry.