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Poly Medicure calls for import substitution in upcoming Budget; Himanshu Baid
Industry News- Jul 16,24
Currently around 70% of medical devices and equipment worth nearly Rs 500 billion used in India are imported. The current duty structure for these imports ranges from 7.5% to 10%.
Himanshu Baid , Managing Director, Delhi-based medical devices company Poly Medicure's sees the need for more focused efforts on the ‘Make in India’ initiative, and import substitution in the upcoming Budget.
The government is likely to include a new scheme to boost medical device manufacturing in Budget 2024, and sources the source that the scheme will be aimed at improving quality and reducing dependence of imports.
Baid pointed out that the previous PLI scheme was not fully utilised and called for a new, more comprehensive PLI scheme.
"I think the Production Linked Incentive (PLI) needs to be expanded... The government should add a new PLI, especially for our products which are imported into the country. If we can add another Rs 10-15 billion by a new PLI scheme, I think that will go a long way in boosting manufacturing within the country."
Baid pointed out that currently around 70% of medical devices and equipment worth nearly Rs 500 billion used in India are imported.
The current duty structure for these imports ranges from 7.5% to 10%.
He also highlighted the need for increased incentives for research and development (R&D) and exports, as the current incentives are minimal and insufficient to attract large multinational companies to India as a manufacturing base.
He believes the current import duty structure is appropriate and should remain unchanged, given India's significant reliance on healthcare imports. Immediate changes are not feasible, so a gradual approach is necessary.
The company has a market capitalisation of Rs 203 billion. Its shares have risen 91% over the last year.
(Source: CNBCTV18)
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