While no specific concessions on VAT, customs duty or R&D grants were announced in the Budget for the medical device industry, we are heartened by the emphasis on insurance, health research centres, AIIMS and medical colleges, customs single window and clearer taxation. We believe that once the medical device industry is recognised as a distinct pillar of the healthcare system, the government’s focus on manufacturing and SEZs will provide a fillip to the industry. The industry also looks forward to the implementation of GST nationwide.
– Sanjay Banerjee, Chair of AdvaMed