While the last Union Budget saw a 137% increase in healthcare spending which accounted for 1.8% of the GDP spends, it would help to increase the allocation to at least 3% to ensure many of the initiatives. Technological innovations and government initiatives are transforming the healthcare industry in India.
Government should roll out programs to train new and up-skill the existing manpower to address the shortage of skilled manpower in the healthcare sector.
The Government should also consider “zero-rating” of GST on healthcare services and the lowest rate of GST on drugs, medical devices, and health insurance premiums to improve affordability. Rationalizing the import duty on healthcare equipment is also required.
The government should provide tax incentives for investment in research & development for genetic research and genome mapping which can go a long way in supporting the National Digital Health Mission in early identification of genetic traits and intervention in the prevention of major NCDs.
Last but not the least, the government should increase budgetary allocation for the promotion of digital healthcare to improve access in rural and remote areas. This will not only reduce the burden on our limited healthcare facilities, but also the cost burden on the patients.