Exports of India's med-tech industry could reach US$ 20 billion (Rs. 1,69,000 crore) by FY30; sector needs government support: Confederation of Indian Industry (CII)
- IBEF
- December 2, 2024
India's medical technology industry is poised to reach exports of up to US$ 20 billion (Rs. 1,69,000) by FY30, according to the Confederation of Indian Industry (CII). However, the sector requires increased government incentives and improved ease of doing business to accelerate overseas shipments. CII Chairman of the National Medical Technology Forum, Mr. Himanshu Baid, emphasised that the existing Production Linked Incentive (PLI) scheme for select medical devices should be expanded to cover a broader range of products. He also called for export incentives to offset hidden manufacturing costs, as India’s medical imports far exceed exports, with imports reaching nearly US$ 8 billion (Rs. 67,600 crore). Exports stand at approximately US$ 4 billion (Rs. 33,800 crore).
He highlighted India’s competitive advantage, particularly in software and hardware, and its low labour costs, positioning it to benefit from the global "China plus one" strategy. To realise its export potential, he proposed that India reduce reliance on imports by lowering tariffs and streamlining regulations. He also suggested the creation of a dedicated regulatory body for medical devices, separate from the pharmaceutical sector. Additionally, he recommended expanding the PLI scheme to include more products and raising the remission of duties under the Remission of Duties and Taxes on Export Products (RoDTEP) scheme to 2-2.5% to make India more competitive in the global market. Improved export infrastructure and faster shipment times were also identified as crucial for boosting India’s medical technology exports.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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