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As the Union budget approaches, every sector, including healthcare, has its own set of expectations and demands. In this State of the Economy Podcast, businessline’s PT Jyothi Datta talks to Shuchi Ray, Partner at Deloitte India, on the current state of healthcare in India, and the sector’s expectations from the upcoming Budget.
Ray elaborates on specific areas within healthcare that could benefit from the Budget. “Hospitals, both public and private, are looking for higher budgetary allocations, especially for infrastructure and skill-building. There’s a noticeable shortage of nurses and doctors, and incentives in this area would be a welcome step.”
When asked about the pharmaceutical sector, Ray mentions the Production Linked Incentive (PLI) scheme. “The PLI scheme has given a boost to manufacturing, but it’s somewhat restricted to certain companies. Extending the sunset date for concessional tax rates could benefit a broader range of companies and align with the Make in India initiative.”
Beyond manufacturing, research and development, Ray suggests, could also benefit from incentives. “If we can extend concessional tax regimes to companies involved in R&D, it would foster more innovation and align with our long-term goals for a Viksit Bharat by 2047.”
Health insurance is another critical topic. Ray points to the high GST rate on health insurance as a barrier. “Reducing the GST rate from 18% would lower costs for buyers.”
Finally, Ray addresses overall healthcare spending. “Developing countries like Brazil and China spend significantly on healthcare. We need to increase our budget allocation, particularly for implementing policies like the national pharmaceutical policy and R&D initiatives.”
(Host: PT Jyothi Datta; Producers: Anjana PV, Siddharth Mathew Cherian)
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders. To help you make sense of the bundle of contradictions that the country is, businessline brings you podcasts with experts ranging from finance and marketing to technology and start-ups
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