| Date: |
21-02-2015 |
| Subject: |
Medical device makers seek duty sops in Budget |
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Medical device manufacturers have sought import duty concessions in the next budget to be unveiled by Finance Minister Arun Jaitely on February 28.
The Association of Indian Medical Device Industry (AIMED) has also sought a blanket ban on 100% 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, 2.5-5% for basic raw materials and packaging materials, 5-7.5% for components and consumables.
"And at least 10 per cent for finished medical devices or consumer goods to encourage manufacturing of components and complete devices," AIMED said in its budget wish-list.
The size of medical devices industry is estimated at $5 billion.
The industry body also sought re-imposition of special additional duty (SAD) of 4% on import of medical devices.
"Export subsidy should be given where fiscal incentives are robust enough to match our competitors. China gives 17% export subsidy thereby ensuring a healthy minimum margin of 10% to its exporters. We have no such matching policy," it added.
Source : dnaindia.com
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