How GST failed medical devices

The MSME-dominated medical devices’ domestic manufacturing has taken a hit post GST, as imports have become cheaper and shot up by an alarming 24%, up from Rs 31,386 crore in 2017-18 to Rs 38,837 crore in 2018-19. As the Indian medical devices market is barely growing at 10-12% overall, the data of 24% increase in imports indicates further erosion from under 30% market share to less than 20%. Afte…