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Expectations – Union Budget 2024, NATHEALTH

Abhay Soi, President, NATHEALTH and Chairman & Managing Director, Max Healthcare Institute Limited
“NATHEALTH-Healthcare Federation of India for the Union Budget 2024-25 has submitted a visionary blueprint designed to transform the country’s healthcare system in line with the Health for All agenda and the goal of achieving a Viksit Bharat by 2047. In its recommendations, NATHEALTH has called on the government to implement transformative measures that focus on strengthening healthcare infrastructure and making strategic investments to address both demand and supply-side challenges, while raising the public health expenditure to above 2.5 percent GDP.

NATHEALTH in its submission emphasized on increasing PMJAY/CGHS acceptability of the scheme among frontline quality providers in private sector, unlocking private capital to achieve Universal Health Coverage (UHC), easing compliance under ease of doing business using digital tools, and promoting the Medtech & supply value chain eco system to innovation and localization. With India becoming a preferred choice globally, policies to promote India as a preferred destination full stack of medical product, services & solution is the need of the hour. NATHEALTH further advocated for rationalizing GST with a uniform 5% rate slab for healthcare and full input tax credit eligibility, addressing the issue of unused MAT credits, and reviewing health cess policies for MedTech to ensure affordability. Additionally, NATHEALTH recommended declaring healthcare a National Priority status to facilitate better financing and offering tax incentives to encourage private sector investment in healthcare infrastructure, manufacturing, digital health, exports and education across India at par with SEZ policies available across other sunshine sectors.”

Abhay Soi, President, NATHEALTH and Chairman & Managing Director, Max Healthcare Institute Limited, said, “India has made significant strides toward becoming a global healthcare powerhouse and this has substantially contributed to GDP and job creation. As the nation progresses toward achieving a USD 5 trillion economy, providing quality healthcare for the entire population is a pre-requisite. Addressing healthcare challenges will require an estimated 2 billion square feet of advanced healthcare infrastructure. To meet these needs, increasing GDP spending on healthcare to 2.5% is crucial for enhancing social insurance, expanding facilities in tier 2 and 3 cities, and advancing digital health services.

The upcoming budget must focus on healthcare infrastructure, innovation, skill development for medical professionals, and strengthening public-private partnerships to ensure improved access and quality across the nation. Prioritizing research and development will drive medical innovation and address emerging health challenges.”
MB Bureau

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