 "Health, healthcare")
Finance Minister Nirmala Sitharaman will present the interim budget 2024 on February 1. This will be FM Sitharaman’s sixth budget. As general elections are scheduled to take place in India later this year, this budget will be a “vote-on-account”.
A full-fledged budget will be presented after the new cabinet is elected after the elections.
Interim Budget 2024: Here’s what the healthcare sector expects
Tamanna Singh, Co-founder, Menoveda
I eagerly anticipate the upcoming budget's emphasis on elevating female healthcare, particularly during the critical phase of menopause. Reflecting on the previous budget's groundwork, there is a distinct expectation for tailored initiatives that prioritise the unique health needs of women navigating menopause.
Ayurveda should be integrated into mainstream healthcare and is crucial for providing holistic and personalised menopausal support. The budget can play a pivotal role by incentivizing the production of Ayurvedic products dedicated to women's health, fostering innovation and accessibility in addition to doing away with GST on these products or at least keeping it minimum.
Furthermore, the allocation of resources for educational programs, specifically tailored to address menopausal health concerns, will ensure that women are equipped with the knowledge to make informed decisions about their well-being.
Gautam Khanna, Chief Executive Officer, PD Hinduja Hospital & Medical Research Centre, Mumbai
The upcoming budget should focus on increasing healthcare expenditure aiming for 2.5 to 3.5 per cent of the total GDP in order to move closer towards universal health coverage.
A robust infrastructure backed by technology will be the backbone of delivering quality healthcare for all. As healthcare was introduced in the harmonised master list of Infrastructure sub-sectors by RBI in 2012, long-term financing options (as available to other sectors accorded infrastructure status), should be made available to healthcare also, in some form or the other.
Other provisions such as depreciation for investments made for creating diagnostic infrastructure, incentivizing infrastructure creation and ease of doing business for the private sector would help fortify the infrastructural transformation for the sector. This financial support will also help in creating an attractive environment for the domestic production of medical equipment, devices and consumables as well as catalyzing research and development. With this regard introducing either Zero rating GST to the healthcare sector with Input Tax credit or bringing the healthcare sector under 5 per cent GST with Input Tax credit will help.
Krishna Veer Singh, CEO and Co-Founder, Lissun
In the upcoming budget, we anticipate further emphasis on mental health support. The government has already acknowledged its importance, introducing initiatives like tele Manas and incorporating IPD coverage for mental health through IRDA. However, there are two critical areas that require attention.
First, India urgently needs a greater number of qualified mental health professionals, particularly clinical psychologists and psychiatric social workers. The government should focus on increasing these numbers to meet the rising demand, a trend that has become especially pronounced in the aftermath of the Covid-19 pandemic.
Secondly, psychotherapy, a fundamental component of mental health treatment, remains uncovered by insurance. Ensuring OPD coverage for psychotherapy is essential; it would address affordability issues, making these vital services accessible to a broader segment of the population
Karthik Kondepudi, Partner, Herbochem
From the healthcare industry’s standpoint, I would expect this budget to recognize the sector's varied needs and assign sufficient funding to further develop healthcare infrastructure, especially in rural areas. Comprehending the significance of ease of access and quality healthcare for all, I urge the government to assign resources for the formation and maintenance of more healthcare facilities in underserved regions.
I would also like to see diverse initiatives being taken up by the government to promote the integration of technology into healthcare delivery and prompt allocations of funds towards telemedicine, health information systems, and digital health solutions that can boost the competence of healthcare services, bridge urban-rural healthcare inequalities, and ensure the availability of medical knowhow to all crooks, turns and bend of the country.
I also would like to stress the necessity for policy measures that reassure public-private partnerships in developing and applying such technological solutions.
Harshit Jain, Founder and Global CEO, Doceree.
We anticipate the government's continued commitment towards the initiative and look forward to a heightened focus on the robust implementation of this scheme in the upcoming fiscal year, fostering transparency in the healthcare ecosystem and accelerating advancements in treatment outcomes. We also expect a forward-looking approach from the government, emphasizing allocating funds to enhance technology-powered innovative healthcare models tailored for India's diverse population.
