- By Aditya Pratap Singh
- Wed, 10 Jul 2024 05:53 PM (IST)
- Source:JND
Union Budget 2024-25: After the Bharatiya Janata Party-led National Democratic Alliance Formed the government for the third consecutive time, Finance Minister Nirmala Sitharaman, who retained the previous portfolio, will present the full budget for the financial year 2024-25 on July 22.
Earlier, in February this year, Sitharaman presented an interim budget, a month before the general elections. For the last 10 years Narendra Modi-led Bharatiya Janata Party enjoyed the full majority in the lower house of parliament, but this time they did not surpass the 273 seats mark out of 545 seats.
As the first full-length budget of Modi 3.0 is scheduled to be tabled in monsoon sessions, several industries have started coming out with their demands and expectations from the Budget 2024-25. Below are the expectations from the healthcare sector.
“As we look forward to the upcoming 2024 Union Budget in July, we anticipate the Budget to cover more of AYUSH product registration expenses in foreign countries. This will significantly reduce financial barriers for Ayurvedic exporters, fostering a more expansive and competitive global market. In the 2024 Interim Budget, the government allocated Rs 3,712.49 crore for 2024-25 from Rs 3,000 crore in 2023-24 for the Ayush Ministry. Further to boost the sector, the interim budget allocated Rs 14.63 crore to the National Medicinal Plants Board and Rs 20.80 crore to the Pharmacopoeia Commission for Indian Medicine and Homoeopathy which was indeed a commendable step. However, we expect more robust investments in research and development, infrastructure, and education within the Ayurveda sector. This will help India position itself as a global leader in holistic health and wellness,” said Shrawan Daga.
Rahul Misra, Founder of Vesta Elder Care demands more support from the schemes like Ayushman Bharat and PLI.
"As we look forward to the Union Budget 2024-25, we hope to see continued support and enhancements in government initiatives for the healthcare industry. The interim budget's increased allocations for PMABHIM, Ayushman Bharat-PMJAY, and the PLI scheme reflect a strong focus on affordable healthcare and sustainable development. In 2024, the total expenditure of the industry has increased from ₹79,221 crore in 2023-24 to ₹90,171 crore in 2024-25, showcasing a significant commitment to improving healthcare services. And in the upcoming Union Budget, we anticipate further steps to strengthen the healthcare infrastructure, enhance accessibility, and ensure the provision of quality care, especially for the elderly. Additional support for home healthcare services, advancements in medical technology, and training for healthcare professionals will be crucial in meeting the growing demand for comprehensive and compassionate care. We look forward to a budget that prioritizes the health and well-being of seniors too,” said Rahul Mishra.
Mr. Tanishk Pandey Co-Founder of Ayuvya seeks infrastructural support from the government for Ayurveda.
"The healthcare market is estimated to be worth $16.7 billion by FY 2028, but the Ayurvedic sector has several obstacles to overcome. Inconsistent legislative frameworks and inadequate infrastructure support prevent Ayurveda's progress, despite its rich history and expanding international recognition. Stakeholders want the government to improve infrastructure investments for traditional medicine operations and streamline regulatory procedures in order to address these problems. Concerns regarding how GST rates affect healthcare accessibility have also led to requests for beneficial tax reforms that would ease financial burdens and encourage inclusive growth in the industry.