Drug prices to become cheaper: Paswan
New Delhi, Feb 29 (UNI) Hailing the Budget 2008-09 as progressive and pro-aam admi, Minister for Steel, Chemicals and Fertilisers Ram Vilas Paswan today said the reduction of excise duty on drugs from 16 per cent to 8 per cent will reduce the prices of medicines.
''This will be a major step in bringing down the prices of medicines,'' he said.
Stating that his Ministry had been demanding a cut in the excise structure, he said, ''This reduction is expected to reduce the retail prices of drugs by at least five per cent and he hoped that the industry will pass on the entire benefit to the consumer.'' The move to reduce customs duty, on certain life saving drugs and bulk drugs used for its manufacture, from 10 per cent to five per cent will lead to reduction in the prices of drugs for the treatment of Hepatits B, Diabetics, Thyroid, Cancer, Asthma as also certain vaccines.
''The reduction of customs duty on steel melting scrap will help in making available rods and rounds, used by the common man in construction activity, was an issue close to my heart,'' he said.
Reduction of CST to two per cent from the existing three per cent, will further aid in making steel available at reduced rates to the consumers, Mr Paswan said.
Reduction
of
customs
duty
on
project
import
of
capital
goods
will
boost
steel
investments
in
a
large
way,
he
said
adding,
''This
will
help
the
existing
steel
majors
who
have
embarked
on
a
major
expansion
cum
modernisation
programme
as
also
new
investors
in
this
sector.''
UNI
MP
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