The Union budget for the year 2023–24 was presented by Union Finance Minister Nirmala Sitharaman on the second day of the budget session of Parliament. Sitharaman unveiled a number of initiatives for the healthcare, pharmaceutical, and medical device industries.
The health sector has been allocated Rs 89,155 crore in the Union Budget 2023-24, a hike of around 13 percent over Rs 79,145 crore allocated in 2022-23. The government gives thrust to medical education, research, and innovation in budget 2023, here are some key highlights:
Facilities in select ICMR labs will be made available for research by public and private medical facilities.
The Centre aims to eliminate sickle cell anemia by 2047, and a program will be launched to eradicate the disease.
157 new nursing colleges will be established in co-locations with the existing 157 medical colleges established since 2014.
A new program will be set up to promote research in the field of medicine.
A new course will be launched to provide information about medical devices.
A new program for research in pharmaceuticals will be formulated and the industry will be encouraged to invest in research.
Private investment will be encouraged in the health sector.
Nirmala Sitharaman referred to the union budget 2023–24 as the first budget of the "Amrit Kaal"—a word that PM Modi’s administration used to describe a more promising future as India neared the completion of its 75 years of independence.
“Our vision for the ‘Amrit Kaal’ includes technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘Jan Bhagidaari’ (public participation) through ‘sabka saath, sabka prayaas’ (efforts of all) is essential”, the finance minister was quoted as saying.
Seven priorities announced for Budget 2023 include inclusive development, reaching the last mile, infrastructure and investment, unleashing potential, green growth, youth power, and the financial sector.
The Finance Minister also mentioned that 220 crore COVID vaccines were given to 102 crore persons.
The way forward
The budget's provision of Rs. 89,155 Crores for the healthcare sector, up from Rs. 79,145 Crores in 2022–2023, shows the sector's importance. It will give the Indian healthcare system a powerful boost, but no new or major announcement for the poor and marginalized. The budget is forward-looking since it emphasizes research, skill development, innovation, the integration of digital technologies like artificial intelligence (AI), and expanding skilled labor in hospitals.
The budget has a lot of positives but there’s still a long road ahead, like the need to increase budgetary allocations.
India still spends a dreadfully low amount on public healthcare, at slightly over 2% of GDP. We anticipate that the funding for public health would be significantly raised in the forthcoming Budget and finally reach 2.5% of GDP, as the government intends, by 2025, with a focus on primary healthcare to lessen the burden of disease in India.
(cartoon courtesy: Economic Times)