Healthcare Industry seeks tax cuts on insurance premiums & increased budgetary allocation in Budget 2025

New Delhi [India], January 14 (ANI): Ahead to the Union Budget 2025, industry stakeholders are expecting reforms that will propel the healthcare sector. The industry want increased government support to address critical challenges in the sector.
From boosting healthcare expenditure to expanding public health initiatives, the industry has put forth several demands.
Aman Puri, Founder of Steadfast Nutrition, urged the government to increase healthcare spending to 2.5-3 per cent of GDP, aligning with global averages. India's healthcare expenditure has stagnated at 1.5-2.1 per cent of GDP in recent years, resulting in inadequate infrastructure and poor health outcomes.
Puri emphasized the need to strengthen primary and secondary healthcare systems, particularly in rural areas and tier-2 and tier-3 cities, which house a significant portion of the population.
He also called for greater investment in preventive healthcare, which currently receives only 14 per cent of government funds.
Dr. Smeet Patel, Director of Mayflower Women's Hospital in Ahmedabad, emphasized the need for reduced taxation on health insurance, especially as premiums tend to be higher for women due to their specific healthcare needs.
He advocated for expanding initiatives to combat cervical cancer, pointing out that the HPV vaccine can reduce the incidence of the disease by nearly 90 per cent, particularly if administered at a younger age.
He added "We also anticipate the Indian Government to launch more public awareness campaigns and improve access to resources for patients affected by these conditions".
Suresh Garg, Founder of Zeon LifeSciences, highlighted the need for tax uniformity in the healthcare sector, along with provisions for research, innovation, and export incentives. With the Indian nutraceutical market expected to grow significantly, these measures can enhance global competitiveness and drive sector growth.
He said "Our expectations from the government are to prioritize policies that not only unlock the immense potential of the healthcare industry but also ensure long-term sustainability, inclusivity, and global recognition".
Anshul Khurana, Co-founder of Entitled Solutions, stressed the need for targeted healthcare policies for urban low-income households that often fall outside existing welfare schemes.
"Incentivizing standard health coverage plans, and expanding the Ayushman Bharat program to include these households could ensure better access to essential healthcare" he added.
Overall, the healthcare industry hopes the government will address these pressing concerns in the upcoming Budget to ensure a healthier, more equitable, and globally competitive healthcare system. (ANI)