Industry says tax reforms will ease costs, boost manufacturing, and support self-reliance
New GST tax reforms will take effect from September 22, 2025. On the eve of their implementation, Prime Minister Narendra Modi addressed the nation, stating the changes would boost the economy and mark a step towards Atmanirbhar Bharat. He called on citizens to support the Make in India initiative and urged state governments to strengthen manufacturing in their regions.
The healthcare industry has begun responding to the Prime Minister’s call:
Rajiv Nath, Managing Director, Hindustan Syringes & Medical Devices:
We are highly motivated by PM Modi ji’s speech where he’s urged manufacturers to aim to make Bharat Atmanirbhar. At Hindustan Syringes & Medical Devices we share his vision and thoughts for a simplified tax regime and strive to make India Atmanirbhar- by not only making our own syringes and needles but also grinding the cannula needle points and even making the fine capillary tubing in house – this evidence of Atmanirbharta was proven in Covid times where we had lived up to our assurance to him of no Syringes shortages for vaccination and not only did we serve India but globally by supplying over 2 Billion AD syringes for vaccination- one of every seven Covid vaccines given globally from Japan in Far East to Brazil in distant South West used our Syringes.
We hope that these GST tax reforms continue in unblocking our working capital as currently GST paid on services and capital expenditure is not refunded and we hope our global competitiveness is not tripped by ongoing restrictions on imports of Japanese stainless steel strip to make these capillary tubing by Ministry of Steel as it will take time for down stream manufacturing to meet our strict global quality standards.
Most Recently HMD has launched anaesthetic DispoVan Dental Needles where we were 100 per cent import dependent and we are already on our way to become market leaders in Insulin Pen needles- our prices for these were nearly at half of the prevailing market prices providing affordable access to the patients.