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Imports of surgicals to the country have reported growth of 11.5 per cent in the first half of the current fiscal year as against the same period of previous fiscal year, and 12.3 per cent growth for the second quarter ended September, 2024. Exports, on the other hand, have reported 5.6 per cent growth during the same period of last fiscal year.
According to data from the ministry of commerce and industry, the first six months of the current fiscal year has seen imports of $621.59 million worth of imports in the surgical products and equipment, as compared to $557.68 million registered in the same period of previous fiscal year.
In Rupee terms, the imports grew 13.03 per cent to Rs. 5,197.1 crore during the period from April to September, 2024, as compared to Rs. 4,598.01 crore during the same period of last fiscal year.
For the quarter ended September 30, 2024, imports reported 12.3 per cent growth, at $332.78 million as compared to $296.37 million in the same period of previous fiscal year. In Rupee terms, the imports of surgicals registered 13.8 per cent growth at Rs. 2,787.61 crore on a year-over-year basis compared to Rs. 2,449.6 crore.
During the fiscal year 2023-24, the imports of surgicals grew 13.36 per cent to $1.09 billion, as compared to $963.86 million during the previous fiscal year. In Rupee terms, the imports grew 16.8 per cent to Rs. 9,046.5 crore as compared to Rs. 7,743.25 crore registered in the fiscal year 2022-23.
For the fiscal year 2021-22, imports were at $894.21 million, reporting a 60 percent growth compared to $557.52 million during the previous fiscal year. It may be noted that the imports during the fiscal 2020-21 was a decline of 21 per cent compared to $704.56 million during the fiscal 2019-20.
Exports of surgicals during the first six months of the current fiscal year grew 5.6 per cent to $359.6 million as compared to $340.54 million in the same period of previous fiscal year. In Rupee terms, the exports grew seven per cent to Rs. 3,006.51 crore as against Rs. 2,807.41 crore registered the same period a year ago.
Exports for the fiscal year 2023-24 was reported at $699.71 million, with a 17.3 percent growth compared to Rs. 596.62 million in the 12 months of previous fiscal year. In Rupee terms, the fiscal registered a growth of around 21 per cent to Rs. 5,793.79 crore as compared to Rs. 4,795.1 crore during the previous fiscal year of 2022-23.
The year 2022-23 saw exports growing to $596.62 million (Rs. 4,795.1 crore) from $512.53 million (Rs. 3,821.40 crore) during the fiscal 2021-22. Exports for 2020-21 was reported at $ 432.3 million (Rs. 3199.95 crore), as compared to $448.89 million (Rs. 3,181.34 crore) during the same period of previous fiscal year.
The Central government has been bringing out various support measures for the medical devices industry to reduce imports and increase domestic manufacturing.
The Union ministry for chemicals and fertilisers has earlier this month, launched a scheme for strengthening of medical device industry with an initial outlay of Rs. 500 crore for three years from 2024-25 to 2026-27, in order to support the growth of the medical devices industry in the country.
The scheme is a comprehensive scheme which targets critical areas of the medical device industry, covering manufacturing of key components and accessories, skill development, support for clinical studies, development of common infrastructure and industry promotion.
"India is poised to lead globally in this sector. The aim of this new scheme is to reduce import dependency, and give a boost to Viksit Bharat@2047, and make the sector Atma Nirbhar", said Nadda.
The Scheme include five sub-schemes - Common facilities for medical devices clusters with a financial outlay of Rs. 110 crore, Marginal Investment Scheme for reducing import dependence (Rs. 180 crore), capacity building and skill development for medical devices (Rs 100 crore), medical device clinical studies support scheme (Rs. 100 crore), and medical device promotion scheme (Rs. 10 crore).
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