Government should now draw its attention to flawed and exploitative MRP regime in the interest of Indian consumers – Rajiv Nath
According to Association of Indian Medical Device Manufacturers (AIMED), the Ministry of Finance has communicated that Custom Duties on medical device have been increased from five per cent (zero per cent) to 7.5 per cent and SAD of four per cent have been re-imposed. The ministry has also limited Concessional Duty applicability to only 12 essential Medical Devices as opposed to a large number of Chapter 90 items which were enjoying this benefit. In addition, import duty on raw materials for the manufacture of medical devices has also been reduced.
Thanking the government for this much desired and much awaited move, AIMED has stated that the move will be a catalyse for Prime Minister Modi’s ‘Make in India’ mission as it brings to an end grossly discriminatory taxation regime against domestically manufactured goods which had resulted in making the country perilously import dependent in this critical sector and had also caused near decimation of domestic medical device industry.
“The move is the first big boost to unshackle India from perilous import dependency in a critical sector. It will catalyze domestic manufacturing of medical devices and will go a long way in ensuring big success of PM Modi’s ‘Make in India’ mission,” said Rajiv Nath, Forum Coordinator of AIMED.
Further on, he goes on to say that the government now needs to think of Indian consumers by correcting the lacunae in the existing MRP regime.
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