India will reduce medical imports from China: Now equipments will be bought from Japan
India will reduce medical imports from China: Now equipments will be bought from Japan, the decision was taken after a meeting of quad countries
India has decided to kill two birds with one stone through medical diplomacy. Chinese companies will lose millions of dollars by reducing dependence on China for medical equipment and importing a large part of it from Japan.
On the other hand, Japan's companies, India's trusted partner, will get a chance to make big inroads in the Indian market. The central government believes that this decision will benefit common patients in terms of advanced medical equipment because Chinese equipment is economical but does not stand anywhere in comparison to the highest standards of Japanese equipment.
After Corona, the import of Chinese medical equipment in India increased by 57%. According to the Medical Technology Association of India, imports from China in the key category of medical equipment rose to $515 million (Rs 4,223 crore) from $327 million (Rs 2,681 crore) in 2020-21. Japan has agreed to meet the needs of India. A decisive round of talks took place on this issue in a separate meeting of the Quad countries during the G-20.
According to medical technology experts, all major countries like India, the US, UK are dependent on China, Japan and Singapore for advanced equipment. China sends the most equipment in the world and Japan sends the most advanced equipment. India is currently importing equipment worth $131 million (Rs 1,066 crore) from Japan every year. Whereas, the same equipment worth $900 million (Rs 7,380 crore) is coming from China. Means 7 times more.
India aims to import medical equipment worth $130 million (Rs 1,066 crore) from China and $900 million (Rs 7,380 crore) from Japan in the next 5 years. Importantly, the customs duty for bilateral trade with Japan is lower than with China.
The voice against China was raised during the Raisina Dialogue. Former Australian Prime Minister Tony Abbott said that China is weaponizing trade. Economic injury is necessary to curb it. After this meeting, Indian officials held a separate meeting with Japanese officials on the issue of strengthening the critical supply chain from Japan.