Indian industry wants import tax cut to tackle coronavirus disruptions - (This is Money via NewsPoints Desk)

  • Indian business leaders are calling for cuts in import duties on antibiotics to help cope with the fallout from the COVID-19 outbreak, which has disrupted supplies from China, as reported by This is Money.

  • Indian finance minister Nirmala Sitharaman said the government would announce measures in the coming days after discussing them with other ministries and the prime minister's office, although she did not elaborate on the measures.

  • Daara Patel, secretary general of the Indian Drug Manufacturers Association, which represents over 900 drug producers, said the industry was facing rising prices of raw material and supply shortages.

  • "The prices of some antibiotics, vitamins and other medicines have gone up by 15% to 50% following fear of disruption in supply of ingredients," he said.

  • The pharmaceuticals industry is concerned that stocks of active ingredients for drugs like paracetamol, ibuprofen, could last for 15 days, and for two to three months for other drugs, the news source said.

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