New Delhi, Feb 13, 2015: This year, while the Honorable Prime Minister is keen to have a ‘Make in India’ Policy and has announced 100 % FDI for Medical Devices, unfortunately, the ground level changes are required for making India Import independent in around 10 years from now . India is moving from 50% Import Dependency 5 years ago to over 75% currently and if corrective steps are not taken, we will soon be 90% Import Dependent in this 35,000 crs Medical Devices Industry . Care should be taken to keep the Domestic companies of Indian Origin viable and sustainable to ensure Access and Affordability to larger section of Indian Population. The Market of Medical Devices is estimated at over 35, 000 crore rupees and there is a huge manufacturing potential for Import Substitution for catering to Domestic demand as well as tap the huge potential of the Export Market (as done by China, Brazil, Turkey, Malaysia etc ). In the upcoming budget this year, we are expecting the government to look at medical technology as a vital sector and promote Indian manufacturing by removing Inverse Duty Structure, Providing fiscal incentives for local innovation and manufacturing initiatives, Offer proper incentives for Exports from India and creating a Medical Devices unit under Department of Pharmaceuticals to promote local innovation/ manufacturing in this import dependent industry.
CCI Newswire
