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Healthcare experts unveil wishlist for budget with focus on infrastructure, tax incentives & GST reduction
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Shardul Nautiyal, Mumbai
January 19 , 2024
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As the budget season approaches, healthcare experts are rallying for a comprehensive overhaul, urging the government to prioritize enhancements in public healthcare infrastructure, introduce tax incentives for healthcare skill development, and consider reducing GST to propel the sector's growth.
Amol Naikawadi, joint managing director of Indus Health Plus, emphasizes the potential of medical value travel as a growth opportunity, aligning with the government's 'Heal in India' initiative. He advocates for income tax exemptions on earnings from medical value travel, making India more competitive in the global healthcare arena.
Naikawadi states, "Our expectations align with the urgent need for robust funding in healthcare infrastructure, innovation, and accessibility." The experts hope for increased allocations towards preventive healthcare, genetic research, and advancements in medical technology.
Proposals include a tax exemption clause within 80D, specifically allocated for preventive health checkups, capped at Rs. 30,000 annually per taxpayer. This measure aims to encourage regular health screenings and contribute to the vision of fostering a 'Healthy India.' Additionally, special tax benefits for organizations investing in employee health, set at Rs. 5,000 per employee, could incentivize a focus on employee well-being.
Gautam Khanna, CEO of P.D. Hinduja Hospital & Medical Research Centre, calls for long-term financing options for healthcare, akin to those available for other infrastructure sectors. He suggests provisions such as depreciation for diagnostic infrastructure investments and incentives for private sector involvement to fortify the sector's transformation. Zero GST or a 5 per cent GST rate with Input Tax credit for the healthcare sector is proposed for financial support.
Sachidanand Upadhyay, MD & CEO of Lord’s Mark Industries, expects continued focus on developing infrastructure facilities, particularly medical device parks, to make the medical device industry self-reliant.
Dr. Vivek Desai, founder & managing director of HOSMAC, emphasizes the urgency to streamline the GST component for construction and medical technologies, reducing financial burdens. He proposes a ten-year tax relief for NABH-accredited hospitals in smaller towns to attract investments and boost infrastructure creation. Public-Private Partnerships (PPP) are suggested, especially in hinterland India, with a separate special-purpose vehicle (SPV) to facilitate win-win PPP projects.
Inclusivity in schemes like Ayushman Bharat for the middle class, co-payment strategies, and electricity tariff subsidies to encourage energy efficiency in hospitals are among the measures experts hope to see in the upcoming budget. The overall allocation to healthcare outlay, currently at 1.8 per cent, is urged to be increased to 2.5% to meet the nation's healthcare requirements adequately.
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