Budget 2024 Expectations Live Updates: Amit Chhabra, CBO, general insurance, Policybazaar.com, said, “The health insurance industry is advocating for tax reforms to encourage innovation and adapt to evolving trends. A key proposal is to increase the tax deduction limit for health insurance premiums, specifically raising the limit to ₹50,000 for individuals, their spouses, and dependent children, and increasing the limit to ₹1 lakh for senior citizen parents. Additionally, the industry is pushing for tax exemptions on Health Savings Accounts (HSAs). This reform would enable individuals to allocate more resources towards future healthcare expenses, promoting a proactive approach to health and wellness planning.”
Budget 2024 Expectations Live Updates: Affordable housing should be one of the most important long-term agendas for the country, says Deepak Patkar, MD & CEO of SMFG Grihashakti
Deepak Patkar, MD & CEO of SMFG Grihashakti, said, “We have attached Mr. Patkar’s profile for your reference, said, “Affordable housing should be one of the most important long-term agendas for the country. Significant changes in socio-economic and urbanisation indicators necessitate a re-alignment of affordable housing definition in many of the cities and towns. There is also a need to appropriately incentivise developers to increase the supply of affordable green housing. Given the success of earlier PMAY scheme, we eagerly await the revised contours of the PMAY-U 2.0 scheme which promises to focus on improved targeting of beneficiaries and provide timely disbursement to completed homes. We hope that the Union Budget for 2024-25 would provide directions to consolidate efforts towards ‘Housing for All’ initiative across all strata.”
Budget 2024 Expectations Live Updates: Raju Kumar, Energy Tax Leader, EY India opinion
Raju Kumar, Energy Tax Leader, EY India on the energy sector, said, “As the Union Budget of India 2024 approaches, the energy sector anticipates pivotal announcements to bolster growth and sustainability. Building on the interim budget of February 2024, which allocated significant funds for solar and green energy projects and Viability Gap Funding for wind energy, the sector hopes for further enhancements. Policy support for the green hydrogen mission to address infrastructure, storage, and transportation related challenges would be important to establish India as a global hub for green hydrogen production. On GST front, important areas to consider would be reduction in GST on hydrogen to foster greater adoption and inclusion of natural gas within the GST framework. To bolster the ambitious rooftop solarization project, DISCOMs may receive financial thrust to develop a country-wide infrastructure for transmission and metering. With regard to e-mobility, while a call to strengthen e-vehicle ecosystem was already made as part of interim budget, potential unveiling of FAME III with a higher budget allocation than its preceding versions holds the potential to impact the Indian EV landscape profoundly. Additionally, policies promoting energy storage solutions and smart grid technologies could provide a much-needed impetus. To address energy security concerns, the budget might propose measures to boost domestic oil and gas exploration. These policy interventions, coupled with initiation of skill development programs to prepare the Indian workforce for energy transition would go a long way in realising India’s objective of achieving Net Zero emissions by 2070.”
Budget 2024 Expectations Live Updates: Experts call for better access to formal and affordable credit along with digital transformation remain the centre point of expectations
Gurjodhpal Singh, CEO, Tide India, said, “India’s economic engine, the vibrant SME sector, is sputtering due to a lack of reliable data that could help with devising standardised measures for the development of this sector. While better access to formal and affordable credit along with digital transformation remain the centre point of expectations, this year’s budget needs to prioritise on continued support for existing schemes and digitisation initiatives.”
“In essence, the budget should prioritise a four-pronged approach: empowering SMEs by bridging the credit gap, investment in cutting-edge technologies, more focus on women-led small businesses and ensuring inclusive growth.”
“Empowering SMEs with easier access to formal credit, promoting financial inclusion through digital literacy initiatives and fostering digital adoption will unlock their true potential. Moreover, the existing INR 10,000 Cr allocation is a commendable starting point, but to unlock the full potential of India’s SME and startup ecosystem a higher fund allocation is crucial, especially in credit guarantee schemes.”
Investment in cutting-edge technologies
While the Startup India initiative has provided valuable support, a significantly larger dedicated fund is needed to truly propel India’s AI and other frontier technology sectors. This ecosystem holds the key to propelling India towards its USD 7 trillion economy target by 2030. Similarly, further investment in Skill India Digital can enhance their workforce’s capabilities, as fostering innovation in emerging technology is essential to keep India competitive on the global stage.
Budget 2024 Expectations Live Updates: A closer look at the role of technology, transparency and trust in reshaping tax, says Gautam Mehra, Partner PwC India
Gautam Mehra, Partner PwC India, commented, “In our analysis, we have taken a closer look at the role of technology, transparency and trust in reshaping tax functions for the future. The study demonstrates how each of these aspects contribute towards developing a sustainable business environment and also plays a key role in nation-building.
Divided into four parts, the study looks at the following aspects:
● ‘Three key levers to build trust with stakeholders’ examines the benefits of promoting tax transparency and tax-related disclosures in building trust.
● ‘Driving connected compliance through technology’ offers solutions to streamline tax compliance processes and enhance transparency.
● ‘Four ways AI can re-engineer the tax function’ highlights the indispensable use of AI in tax and underscores how the new order of the tax world will have technology at its heart.
● ‘Tax transformation 2.0’ outlines what a future-fit tax function could entail and its contribution to the organisation’s overall business transformation initiatives.
Budget 2024 Expectations Live Updates: We commend the government’s commitment to advancing quality healthcare in India, says Apurve Mehra, CEO of Biogetica
Apurve Mehra, CEO of Biogetica, ”We commend the government’s commitment to advancing quality healthcare in India and are confident that the continued reforms and policies will bolster innovation and enhance regulatory efficiency. At Biogetica, we look forward to the upcoming Union Budget and hope it will bring positive changes to the healthcare and pharma sectors. We hope that India will lead the people of the globe into an evidence-based integrative medicine system that serves patients in ways that no single system or modality can.”
“The government should focus on expanding the Ayush-based healthcare and wellness sector, which is projected to reach $70 billion by next year. As we stand at a critical juncture, the right support and guidance from the government are essential to leading a transformative impact on holistic health practices in India. We urge the Government and Finance Minister to introduce a special package to bolster the Ayush sector in the upcoming budget. This will significantly improve Ayush infrastructure, research, and accessibility. Additionally, we hope Ayush products will receive subsidies and that incentives will be provided to support Ayush companies & startups.”
Budget 2024 Expectations Live Updates: Now is the time to strengthen the healthcare infrastructure, says healthcare expert
Samir Joshi, Dean, K J Somaiya Medical College and Research Centre, said, “In recent years India has expanded her health services a lot. With opening of new medical colleges, one for each district, the way has been created for quality healthcare in future. Now is the time to strengthen the healthcare infrastructure. The focus of the budget should be to strengthen each institution be it a government one or a private one. Manpower, equipment and building infrastructure should be strengthened at each of the Government Assets. More money should be allocated to enhance the coverage of Ayushman Bharat and similar health insurance schemes for those who can not afford the private health insurance.”
“The expectations of the general public from the modern health system are very high. It is not possible to fulfil them at any one institution. Therefore, budget should invest in efficient patient transport system. Digitization should be promoted to allocate appropriate healthcare facility to the neediest patients. In a country as large as India, both Government and Private facilities have to work in tandem to deliver effective services.”
Budget 2024 Expectations Live Updates: Need rationalized GST rates and lower import tariffs
Simmardeep S Gill, MD & CEO, Sterling Hospitals, said, “The upcoming union budget is expected to bring important changes to the healthcare sector, addressing key needs and improving services. We need rationalized GST rates and lower import tariffs on diagnostic equipment to make operations smoother and encourage local production, reducing our dependence on imports.
India has a burden of diseases like cancer, with nearly 1.5 million new cases every year and the number might increase in the future. We need more trained oncologists and radiation therapy facilities to bridge the gap in cancer care. Similarly, cardiovascular diseases remain the leading cause of death. Investing in cardiology infrastructure and specialists is also necessary.
Beyond infrastructure, innovation is key. India’s medical tourism sector, valued at $9 billion, showcases potential. Health tourism in India is on the rise as NRIs flock to hospitals for cost-effective treatment. Streamlining processes and infrastructure can further enhance this sector. Similarly, the robotic surgery market is projected to grow from USD 8 billion to USD 25.4 billion by 2030. While robotic surgery holds immense promise, affordability needs to be addressed. Investing in AI and machine learning can revolutionize diagnostics and personalized care. These technologies can improve diagnostic accuracy, streamline hospital operations, and personalize patient care, making healthcare more efficient and effective. Ultimately, we look forward to a budget that meets these expectations and helps us provide accessible, affordable, and high-quality care for everyone.”
Budget 2024 Expectations Live Updates: The expectations of the health tech industry related to Budget
Surjeet Thakur, Founder & Director of Triotree Technologies Pvt Ltd.
As we look towards the Union Budget 2024-25, the health tech industry in India holds significant expectations. The sector seeks a robust policy framework that fosters innovation, ensures quality healthcare, and supports the industry’s growth to achieve its projected $50 billion mark by 2025. Key areas of focus include reducing import duties on medical devices, streamlining GST policies, and enhancing funding for research and development. Additionally, there is a call for increased investment in healthcare infrastructure, particularly in the form of medical device parks, to boost local manufacturing and reduce dependency on imports. By addressing these needs, the Union Budget can play a pivotal role in making India a global hub for health tech and ensuring accessible and affordable healthcare for all.
Specific expectations from the Union Budget include:
Regulatory Framework: Clear and supportive regulatory frameworks for HealthTech startups and companies, ensuring compliance while fostering innovation.
Research and Development (R&D) Incentives: Tax incentives and grants to encourage R&D in HealthTech, particularly for developing innovative solutions in healthcare delivery, diagnostics, and medical devices.
Cybersecurity Measures: Investments in cybersecurity infrastructure and regulations to protect sensitive health data in digital platforms.
Incentives for Startups: Supportive measures such as tax breaks, grants, and incubation centers to foster innovation and growth in the HealthTech startup ecosystem.
Integration with Ayushman Bharat Scheme: Mandating Integration of HealthTech solutions with government healthcare schemes like Ayushman Bharat to enhance efficiency and reach.