India imported medical devices worth Rs 63,200 crore in 2021-22, up 41 per cent from Rs 44,708 crore in 202021, as per data from the Union Ministry of Commerce and Industry.
China remained the top import source for India as medical device imports from China grew 48 per cent from Rs 9,112 crore in 2020-21 to Rs 13,538 crore in 2021-22. Imports from the US also increased steeply by 48 per cent to Rs 10,245 crore in 2021-22 from Rs 6,919 crore in 2020-21. The value of medical devices from China was nearly the same as the combined value of imports from Germany, Singapore and the Netherlands in 2021-22.
It has led to domestic industry players shutting shop as the local industry cannot compete with cheaper Chinese imports. This is a lost opportunity for Indian Manufacturers to grow & compete globally but saw with dismay dumping of Chinese imports when duties were slashed to zero %.
Sadly, with over two years of PM Narendra Modi's call for self-reliance Aatmanirbhar Bharat, India's trade deficit with China is on high rise. The overall trade deficit with China widened to a record $72.9 billion in 2021-22.
This story is from the January 2023 edition of Health Vision.
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This story is from the January 2023 edition of Health Vision.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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