Union Budget 2024: The budget is expected to address affordability, accessibility, and healthcare quality in India. We’ll have to wait until the official announcement on July 23rd to see the specific measures outlined by Finance Minister Nirmala Sitharaman.
The Indian healthcare sector has high expectations from the upcoming Budget 2024.
Industry leaders are urging the government to increase allocation for healthcare. This would significantly boost public health initiatives, infrastructure development, and medical research resources. Experts anticipate tax incentives to be announced. This could include tax breaks for healthcare providers or insurance companies to make healthcare more affordable.
Need For Increased Budget Allocation
P N Arora, Chairman, Yashoda Super Speciality Hospitals Kaushambi, said, “A critical aspect of the healthcare demands revolves around accessibility and affordability. The sector advocates for subsidies or free health check-ups, especially for women and children, aiming to improve preventive care and early detection of diseases.”
In addition, there is a push for incentives and support for domestic manufacturing of medical devices to reduce reliance on imports and align with the ‘Make in India’ campaign, Arora added.
Non-communicable diseases (NCDs) like diabetes, cardiovascular diseases, and cancer are a major health concern in India. There is a need for increased budget allocation to prevent, treat, and manage NCDs, including supporting research, public awareness campaigns, and making treatment options more accessible.
Re-skilling Healthcare Workers
Arora highlighted that the sector also emphasises the importance of training and re-skilling healthcare workers to meet evolving healthcare demands with new technologies.
Regarding health insurance, Arora said stakeholders are seeking fiscal reforms to create a more inclusive and sustainable health coverage model.
It involves revisiting GST tariffs on healthcare services and products to ensure affordability and accessibility across all socioeconomic segments. Additionally, there is a call for insurance coverage for preventive healthcare measures, not just reactive medical treatments, Arora added.
Benefits of Increased Healthcare Budget
Jasdeep Singh, Group CEO, CARE Hospitals Group, also urged the government to consider enhancing the budget for the healthcare industry.
“The increased budget allocations can improve accessibility and affordability to people not just in Tier I cities, but also in Tier II and Tier III cities. Simplifying and making fairer taxes, specifically reforming GST, can contribute to this goal,” Singh added.
Improving Infrastructure
Singh believes there is a critical need for focused attention on hospital infrastructure.
“While hospitals delivered essential and high-quality treatment during the pandemic, the prevailing circumstances underscored facility inadequacies, particularly a glaring shortage of beds and treatment options, especially in non-metro cities. Consequently, the government must prioritise enhancing infrastructure, especially in non-metro areas, ensuring that individuals can readily access healthcare when required,” Singh underlined.
Door-to-door Eye Screening Initiatives
Rajat Goel, Co-founder & CEO of Eye-Q Super Speciality Eye Hospitals, said, “With 62 million visually impaired persons and 8 million blind people, India bears approximately a quarter of the world’s burden of blindness and vision impairment. We eagerly anticipate the upcoming Budget 2024-25, hoping for transformative policies that tackle these pressing issues.”
Goel strongly advocated for large-scale door-to-door eye screening initiatives essential for early detection and treatment. Additionally, the backlog of eye surgeries, exacerbated by the COVID-19 pandemic, urgently requires resolution, particularly in rural areas where access to healthcare remains limited.
Infrastructure Boost
“We also look forward to an infrastructure boost that will enhance the capacity of eye care facilities nationwide. Furthermore, support for research and development is crucial to advancing innovative treatments and technologies in eye care,” Goel added.
Lowering GST and other import taxes on medical equipment and supplies would significantly reduce costs, making eye care more accessible and affordable. With these measures, “we believe the budget can pave the way for a brighter, clearer future for millions of individuals, ensuring that quality eye care is within reach for all.”
Emergency Services
Pranav Bajaj, CEO, Medulance, said, “The budget is a pivotal opportunity to fortify India’s emergency services. We urge the government to prioritise strategic investments in these areas to improve response times and overall emergency medical care efficacy. A key expectation is the revision of the GST structure for ambulance procurement. Currently burdened with a 28% GST, we propose a significant reduction to 0%. This move not only alleviates financial constraints but also incentivizes the nationwide enhancement of emergency fleets, contributing to faster and more effective emergency response.”
