MTal Urges Govt To Bring Down Custom Duty On Med Devices To 0-5%

Indore, Dec 18 (KNN) The Medical Technology Association of India (MTaI) on Saturday urged centre to reduce the custom duty on medical devices to 0-5 per cent from the present 15-45 per cent on different products.

MTal, an association of research-based medical technology companies said that the demand for medical devices has jumped to double digits, attracting huge foreign direct investment (FDI) and boosting local manufacturing.

It said that the Medical devices used in cardio, respiratory and cancer have seen a major jump in demand, pushing the annual growth of medical devices to 13-15 per cent.

The estimated size of the medical technology industry in India is around USD 11 billion, the association said. 

The FDI in the medical technology sector has swelled to USD 464 million in the first three quarters of the financial year as against USD 407 million in FY 2021-22, it added.

“There is a record breaking surge in FDI in the med tech sector because the world is looking at an alternative to China and India is emerging as a trusted brand. The jump in demand for medical devices and FDI will give a boost to local manufacturing and generate employment,” said Pavan Choudary, chairman, MTaI.

“Most foreign investment is coming in the sector of disposables, device manufacturing and imagining equipment. The surge in FID will give a fillip to local manufacturing of medical devices and bring investments at dedicated medical clusters like Medical Devices Park in Ujjain in Madhya Pradesh,” he said.

He added that the industries want clusters, presence of ancillary units and a conducive industrial ecosystem to operate.

(KNN Bureau)