(MENAFN- KNN India)
Budget seen as big let-down for medical devices industry
New Delhi, Feb 3 (KNN) India's medical devices industry has expressed disappointment from the union budget 2023-34 as did not cater to their demand to reduce the import dependence which is at an alarming rate of 80-85 per cent.
Other demands include setting up of a separate department for medical devices and collecting more granular import data, reported BizzBuzz.
As done in the West specifically in USA and Europe, the industry wanted the government to consider shifting from an 8 Digit HS Code to a 10 Digit HS Code.
The industry urged for this to give more granular data for enabling better analysis and policy making.
Another major disappointment was the Goods and Services Tax (GST) which was requested to a flat 12 per cent.
The industry is of the view that instead of 18 per cent GST applicable on some medical devices that are not luxury goods, it needs to be at a flat 12 per cent for all medical devices.
Leaving several issues unaddressed, the domestic medical devices industry is enraged by the Union Budget for the financial year 2023-24.
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