More Funds Please
Businessworld India|14 Jan 2023
Higher allocation,GST reforms and a big push to local manufacturing of medical devices are some of the key demands of the healthcare sector
- Shivam Tyagi
More Funds Please

It’s not a secret that the country’s healthcare system consistently needs more funds. Ideally, India should be spending at least 2.33 per cent of its Gross Domestic Product on the healthcare system. Sadly, it does not. The healthcare sector and bodies affiliated with it have once again big expectations from the upcoming Union Budget.

Take, for example, the growing dependence on imported medical devices flooding the market from China and the United States. Rajiv Nath, Forum Coordinator, Association of Indian Medical Device Industry (AiMeD) wants the government to protect the manufacturing base in India by increasing the basic customs duty (BCD) on the import of medical devices to at least 10/15 percent. Currently, it’s upto 7.5 percent. Nath says the WTO-bound rate is mostly 40 percent. “Due to such low customs duty, India is over 80 percent import-dependent. This can be reduced to below 30 percent with correct policies as done for mobile phones and consumer electronics,” Nath says.

India imported medical devices worth Rs 63,200 crore in 2021-22, up 41 percent from Rs 44,708 crore in 2020-21, as per data from the Union Ministry of Commerce and Industry.“Despite PM Narendra Modi’s call for making the country Aatmanirbhar, India’s trade deficit with China has been rising sharply. The overall trade deficit with China widened to a record $72.9 billion in 2021-22,” says Nath pointing to the data.

DR SHRAVAN SUBRAMANYAM 

President, NATHEALTH and GE Healthcare

この蚘事は Businessworld India の 14 Jan 2023 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は Businessworld India の 14 Jan 2023 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

BUSINESSWORLD INDIAのその他の蚘事すべお衚瀺
MEMORIES & IMPRESSIONS
BW Businessworld

MEMORIES & IMPRESSIONS

Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.

time-read
3 分  |
October 19, 2024
The Robotaxi Market
BW Businessworld

The Robotaxi Market

The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.

time-read
1 min  |
October 19, 2024
And the Nobel Prize Goes to AI
BW Businessworld

And the Nobel Prize Goes to AI

The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.

time-read
1 min  |
October 19, 2024
Ola Electrified
BW Businessworld

Ola Electrified

Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.

time-read
1 min  |
October 19, 2024
Sharp Slide in Industrial Output on Eve of Deepavali
BW Businessworld

Sharp Slide in Industrial Output on Eve of Deepavali

India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.

time-read
1 min  |
October 19, 2024
Heralding the Solar Era with Sustainable Electrification
BW Businessworld

Heralding the Solar Era with Sustainable Electrification

RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more

time-read
2 分  |
October 19, 2024
A WELL-GREASED MACHINE
BW Businessworld

A WELL-GREASED MACHINE

The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar

time-read
4 分  |
October 19, 2024
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
BW Businessworld

DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH

For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh

time-read
7 分  |
October 19, 2024
Disruption Ahead: Beyond Organisation Charts and Structures
BW Businessworld

Disruption Ahead: Beyond Organisation Charts and Structures

ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.

time-read
3 分  |
October 19, 2024
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
BW Businessworld

Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment

We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.

time-read
2 分  |
October 19, 2024