Picture used for representational purpose only
AHMEDABAD/SURAT/ VADODARA: After having battled Covid-induced disruptions and slowdown, businesses are now looking at 2021 with great hopes of recovery. Several industrial sectors are expecting far-reaching measures in the forthcoming Union Budget for 2021-22 to boost economic revival.
Special policy needed to boost APIs production
To become self-reliant in drug manufacturing, the pharmaceutical industry wants a special policy and investment-based tax incentives for APIs (pharma raw materials) manufacturing in India Currently, the industry is heavily dependent on China for APIs.
The Indian Drug Manufacturers Association also called for strengthening healthcare infrastructure in rural and semi-urban areas, and it has suggested a weighted tax deduction of 200% on the amount spent for such infrastructure activities. The other demands of the sector include Customs duty exemption to medical devices, applying 12% GST on medical grade alc