“India currently imports bulk of its medical devices. Even for companies like us which have completely designed and assembled the device in house, we are forced to import a lot of the essential parts - from PCB to ball screws.
For Make in India to work, the following should be the government's focus (similar to the smartphone industry):
- Make it easier to import spare parts and difficult to import the device
- Incentivise exports
- Incentivise the development of an ecosystem - by rolling out SEZ benefits, PLI schemes, etc.
With a focus on building a sustainable ecosystem, the med-tech industry has potential to add billions of dollars to the economic output of the nation!”.
“Shift to an infrastructure-led development model is expected to gain more momentum as allocation to infrastructure can increase by nearly 50%-100%. Considering financing constraints in achieving infrastructure and green targets for 2030, It makes sense to introduce additional tax rebates outside 80C exemptions on infrastructure and green bonds alongside some incentives and tax sops to boost private capital investment. To make the most of Covid-related supply chain disruptions in China, some announcements can be expected to incentivize the shifting of some supply chains from China to India.
There is little fiscal room for any relief in the income and capital gain taxes but considering the last full budget before the election, keeping fingers crossed for a pleasant surprise”.
"We expect the Union Budget to provide a conducive environment for business growth, with policies that support innovation, access to funding, and tax credits/exemptions for the early-stage startups, along with simplification of compliance procedures related to operations given we have fewer resources at disposal in the early years. Overall, a budget that empowers and encourages entrepreneurship is what we look forward to."
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