BUDGET 2022 | HIT or MISS?  | CEOs Roundtable

Finance Minister Nirmala Sitharaman has presented the Union Budget on February 1, 2022. mojo4industry, in association with Association of Indian Medical Device Industry (AiMeD), conducted a thought-provoking CEOs Roundtable on the budget announcements and their probable impact on the Indian medical devices industry. 

Medical devices manufacturing industry experts shared the following and several other hits and misses of Union Budget 2022: 

Hits·         75% availability of payment on presentation of invoice is a good starting point

·         Bringing in a weighted price preference on account of quality

·         Initiative to go on digital health and creation of the National Digital Health Ecosystem

·         Tax exemption and capital gains exemption period has been increased by a year for start-ups 

Misses

·         No measures taken to help end 80-85% import dependence

·         No announcement to reduce GST from 18%

·         No R&D incentive is announced. R&D incentive is essential to make medical devices industry more innovative, more competitive

·         Inability to raise healthcare as percentage of GDP to 2.5%

Speakers:

·         Mr. Rajiv Nath, Managing Director, Hindustan Syringes & Medical Devices Ltd.

·         Mr. Gaurav Agarwal, Managing Director, IITPL

·         Mr. Abhinav Thakur, Managing Director, Accurex Biomedical Pvt. Ltd.

Moderator

Dr Rajiv Chhibber, Vice President External Affairs, Sahajanand Medical Technologies Ltd and Jt. Coordinator, Govt. & Public Affairs, Association of Indian Medical Device Industry (AiMeD)