To increase the production of medical equipment in the country, the Modi government may make a big announcement in the budget (budget 2021). According to sources, import duty on medical equipment is likely to be reduced. Import duty on manufactured goods may be increased. So that the cost of domestic production can be reduced and investment in the PLI project declared under Self-Reliant India can be further increased. Let's find out how much import duty can be reduced
According to CNBC Awaaz correspondent Alok Priyadarshi, the government may announce a big relief for domestic manufacturers in the budget so that medical equipment can be mass-produced in the country. This may include changes related to import duties.
There are many medical equipments that are imported at zero duty. That means there is no duty to import them. For this reason, domestic manufacturers are facing a lot of problems because these people also produce all these products. However, it is very cheap to import, which is why all these domestic products are not sold that way.
Find out what changes may be made in this budget
1. Tariff reduction to encourage domestic production of medical equipment
2. The government can change the rate of import duty in the budget
3. The duty will increase on 20 items imported at zero duty
4. This list may include contraceptives, artificial dialysis equipment, test kits
5. Blood, urine, pregnancy test kits and lab chemicals are also likely to be on the list
. Offer import duty of 8.5% to 15% on these 20 items
. Import duty on natural rubber including latex, medical grade paper, PU films may be reduced
. There may be a total of 14 raw materials in this list which is more last item than BCD