Budget 2025 Expectations: Healthcare Sector Hopes for Fiscal Stimulus

NEW DELHI, JANUARY 11, 2025 (ANI): Ahead of the Union Budget 2025-26, which will be presented by Finance Minister Nirmala Sitharaman on February 1, 2025, industry experts across various sectors, including healthcare, have put forward their demands to the government.

Industry insiders expect the government to allocate more funds to boost medical equipment manufacturing in the country and reduce taxation on health insurance premiums. According to Dr Smeet Patel, Director of Mayflower Women’s Hospital, Ahmedabad, "We are hoping for reduced taxation on health insurance as premium rates can be higher for women due to their unique health challenges."

Dr Harsh Mahajan Chair-FICCI Health Services Committee and Founder & Chief Radiologist at Mahajan Imaging & Labs highlighted several areas where policies could significantly impact the healthcare sector. "We expect changes in GST policy to enable healthcare service providers to claim Input Tax Credit, similar to other industries," he said.

Additionally, experts are demanding measures to prioritize preventive care, including zero GST on health and life insurance services, enhanced exemptions for health check-ups, and sustainable funding rates for government healthcare schemes.

Tarun Gupta, Co-Founder of Lissun (Mental Health Platform), hopes to see increased funding in awareness, accessibility, affordability, and integrating mental health into primary healthcare. Aman Puri, Founder of Steadfast Nutrition, emphasized the need for stronger primary and secondary healthcare infrastructure, particularly in rural areas.

Suresh Garg, Founder & CMD Zeon Lifesciences, urged the government to consider uniform taxation policies for the healthcare sector, providing research incentives and robust export motivations to boost India's health industry competitiveness globally.

Industry experts are optimistic that the fiscal stimulus will unlock significant growth potential for the healthcare sector while ensuring long-term sustainability and inclusivity.