Hotline: 1800 102 2007
X
Search Business Opportunities
Government Policy 2015-02-16

Budget 2015: Medical device manufacturers seek concession on import duty

India’s medical device industry, which is estimated at $5 billion is marred by huge reliance on imports. Thereby, the manufacturers urge government to give concession on the import duty in order to boost economic growth of the industry.

Budget 2015: Medical device manufacturers seek concession on import duty

As Finance Minister Arun Jaitley is all set to unveil Union Budget 2015 on February 28, manufacturers of medical devices have sought import duty concessions from him.

The Association of Indian Medical Device Industry (AIMED) has also sought a blanket ban on 100 per cent foreign direct investment (FDI) in brown field projects.

"To enable the nascent Indian medical devices industry to survive, India needs to consider rationalisation of import duties to be zero per cent for natural resource, 2.5 per cent - 5 per cent for basic raw materials and packaging materials, and 5 per cent - 7.5 per cent for components and consumables," AIMED said in its Budget wish list.

"At least 10 per cent for finished medical devices or consumer goods to encourage manufacturing of components and complete devices," AIMED mentioned further in its wish list.

Significantly, the industry body also sought re-imposition of special additional duty (SAD) of 4 per cent on import of medical devices.

"Export subsidy should be given where fiscal incentives are robust enough to match our competitors. China gives 17 per cent export subsidy thereby ensuring a healthy minimum margin of 10 per cent to its exporters. We have no such matching policy," it added.

The size of medical devices industry is estimated at $5 billion. According to Assocham, the present landscape in Indian medical device industry is primarily import driven with imports contributing close to 75 per cent of the market.

 

Photo curtesy: Facebook

Comment
Related opportunities
  • Sports & Gaming
    About Us: Hexagol - International FootBall Game Brand AN INTERNATIONAL INNOVATIVE MOBILE..
    Locations looking for expansion TELANGANA
    Establishment year 2012
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater HYDERABAD TELANGANA
  • Gyms and Fitness Centres
    About Us: VIVAFIT concept is to provide health and well-being in a..
    Locations looking for expansion New Delhi
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 30lac - 50lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New Delhi New Delhi
  • Frontier Biscuits - a very renowned name in Bakery sector..
    Locations looking for expansion New Delhi
    Establishment year 1950
    Franchising Launch Date 1995
    Investment size Rs. 5lac - 10lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater West Delhi New Delhi
  • About: Blue Mount is a leading water purifier brand that transformed..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts