The Indian diagnostics industry is eagerly looking forward to the correction of the ‘inverted duty structure’, in this year’s Budget.
Currently, the basic customs duty on diagnostics Instruments is 0% while that on the components and spare parts ranges between 7.5 to 15%, thereby representing a classic case of the ‘inverted duty structure’.
The import duty on instruments should be increased in a phased manner from 5% this year to 15% during the next couple of years.
Also Read: Strengthening the healthcare ecosystem
The import duty on all components and spare parts should be reduced to 2.5%.
This long-standing requirement of the industry will encourage local manufacturing of diagnostics instruments and reduce import dependence, which currently stands at a colossal figure of 80%.
Views expressed by Veena Kohli, President-Association of Diagnostics Manufacturers of India (ADMI) & CEO – Vanguard Diagnostics (P) Limited
Like
Dislike
Be a part of Elets Collaborative Initiatives. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook , connect with us on LinkedIn and follow us on Twitter , Instagram.
"Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!
