Hitesh Sharma, Partner, Life Sciences Leader – Tax, EY India.
Given the Government’s perspective of keeping the interim budget an on-account vote, the Finance Minister did not dwell into any specifics, leaving the changes for the full budget post elections. While she spoke of the past performance, as far as the Health Science Sector is concerned, there was some perspectives on things to come in future.
There was a commitment to focus on setting up medical colleges in existing hospitals, focus on women healthcare with encouragement of cervical cancer vaccination for young girls, maternal and childcare related schemes for improved nutrition delivery, early childhood care and development etc. The focus on research and innovation was given a further boost by announcing a one lakh crore corpus for providing interest free loan for a long duration for research and innovation for private sector. Also the cover under Ayushman Bharat Scheme has been extended to cover ASHA workers, Anganwadi workers and helpers.
On the tax front, the expectation of extension of concessional tax regime of 15% for manufacturing facilities beyond 31 March 2024 remained unmet.
While we will look at the full budget in July for more details, what is also positive is that there is increase in outlay on Health for FY 2024-25 versus the revised estimates for FY 2023-24. So overall the budget continues the path for growth of healthcare and access in India.
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