Budget 2024 Expectations Live Updates: Bolster economy by strengthening healthcare infrastructure
“It is good to observe India progressing under their leadership, and hopefully, we will see a developed Bharat by 2047, which is the dream of every Indian now. As a contributor to the healthcare sector, I look forward to the Indian Union Budget’s strong commitment to transforming it, with accessibility and affordability at its core. India’s healthcare sector had a remarkable year in 2023, with significant mergers and acquisitions, consolidation, significant private equity investments, a notable upswing in stock prices, and improved financial performance. This growth, culminating in a valuation of $372 billion, was not solely the result of the private sector’s dynamism but also the government’s strategic initiative, which played a crucial role in the sector’s triumph. This success story should serve as a compelling case for further investment and commitment in the healthcare sector, highlighting the government’s significant influence on the sector’s success.
Looking ahead to the post-pandemic era, it is crucial to bolster the economy by strengthening and preparing the healthcare infrastructure. This is not just a matter of ensuring people have improved access to quality and critical healthcare services, but also a strategic move to secure a brighter future. The Union Budget 2023-2024, with its potential to ignite innovation, drive R&D, and boost healthcare expenditures, could be a pivotal investment into future human capital, which will be the foundation for an efficient and resilient healthcare sector. The urgency and necessity of this investment are paramount and cannot be overstated. Also, it is a request to the government, and all the stakeholders in the healthcare sector would agree that there should be zero-rating GST on healthcare services. Implementing this change will further ensure eligibility for input tax credits and also help to reduce the cost of essential services.
Healthcare providers can pass the services to patients at lower prices leading to better health outcomes for the underserved. This will help in expanding the services to Tier 2 and Tier 3 cities apart from urban areas, and most importantly shift the focus of the public from curative care to preventive care which is necessary for a Healthier Bharat,” said Dhiraj Jain, Founder & Chairman of Redcliffe Labs.