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As the Union Budget for 2024 approaches, industry leaders express their hopes and expectations for continued government support and strategic investments in the healthcare sector.
Dr. Sangita Reddy, joint managing director of Apollo Hospitals Group, emphasizes the need for sustained government focus on the healthcare sector. "We are hopeful that the government will continue to prioritize the healthcare sector. The interim budget 2024-25 in February rightly emphasized preventive care, women's health, infrastructure expansion, and child development, marking significant strides towards a healthier future. We anticipate that the upcoming budget will maintain and strengthen this approach," she stated.
Dr. Reddy highlighted the promotion of cervical cancer prevention by vaccination for girls aged 9-14 as a significant step toward improving women's health and expressed hope that the government would continue supporting such programs. Additionally, she underscored the importance of initiatives under programs like U-Win and Mission Indradhanush and the need to strengthen infrastructure to enhance health services in rural and remote regions.
Abhishek Sinha, co-founder of HealSpan, urges the Finance Minister to prioritize comprehensive healthcare funding and robust support for pharmaceutical innovation. "Given the recent global health challenges, it is crucial to strengthen our healthcare infrastructure to withstand future crises and improve accessibility for all citizens," he stated.
Sinha advocates for reducing the GST on healthcare expenditure for individuals and corporations to 5% and treating investments in hospitals, particularly in Tier 2 cities and below, as infrastructure projects to lower interest rates and prioritize lending from financial institutions. He also calls for the digitalization of health data and making ABHA and NHCX mandatory for all health treatments to leverage big data modelling with AI/ML.
Dr. Rumki Majumdar, Economist at Deloitte India, emphasizes the importance of addressing mental health issues and integrating India into global supply chains. "There is a need for translating policy into action and addressing gaps such as enhancing mental health infrastructure," she noted. Dr. Majumdar also highlighted India's potential to collaborate with China to enhance its manufacturing and export capabilities, given China's integral role in global supply chains.
The economic survey points to a stronger rebound in Gross Fixed Capital Formation (GFCF) that has supported growth as India emerged from the pandemic. While the government has significantly invested in infrastructure, private investment in intellectual property and machinery has grown cumulatively by 35% over four years. As the government prepares to unveil the Union Budget 2024, industry leaders anticipate strategic investments and policies that will bolster healthcare. Healthcare sector seeks major boost in upcoming Union Budget 2024, say Industry Experts.
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