Bud 2002-03 makes several life savings drugs cheaper
In a major relief for people suffering from critical diseases, the government on Thursday reduced customs duty on anti-cancer and excise duty on anti-AIDS drugs.
The Union Budget 2002-03 exempted eight drugs used in the treatment of cancer and some other critical diseases from customs duty.
Expressing his firm determination to tackle the menace of HIV-AIDS, Finance Minister Yashwant Sinha exempted specified anti-AIDS drugs from excise duty with effect from March one, 2002.
In a major relief for diabetic patients who have to undergo frequent blood sugar tests, the Budget has slashed customs duty on glucometers and test strips from 25 per cent to 10 per cent.
Vaccine for immunisation against Japanese encephalitis has also been exempted from customs duty.
Pointing out that certain drugs presently exempted from customs duty were now being manufactured indigenously, Sinha imposed a basic customs duty of five per cent on these drugs in order to provide reasonable incentive to domestic manufacturers.
PTI
YOU MAY ALSO WANT TO READ:
The Rediff Budget Special
The Rail Budget 2002-03
The Economic Survey 2001-02
More Budget Stories
Money
