Summary:

The Confederation of Indian Industry (CII) predicts that India's medical technology industry will generate $20 billion in exports by FY30. To boost global sales, the sector requires greater government incentives and streamlined business processes. Mr. Himanshu Baid, Chairman of the CII, suggested expanding the existing Production Linked Incentive (PLI) scheme to cover more products and called for export incentives to offset hidden manufacturing costs, as India's medical imports exceed exports by over $8 billion.

He emphasized India's competitive advantage in software and hardware, as well as its low labor costs, positioning it to benefit from the global "China plus one" strategy. To maximize export potential, he recommended reducing import dependence by lowering tariffs and simplifying procedures. He also proposed establishing a separate regulatory authority for medical devices, expanding the PLI scheme, and raising the RoDTEP remission rate to 2-2.5%. Additionally, improved export infrastructure and faster shipment times are crucial for growth.

Source: IBEF 

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