As expected, Budget 22-23 was a balanced effort to improve overall economic growth. Today, the healthcare sector in India is at a much stronger position than ever before. Measures introduced in Budget 2022-23 will further strengthen the healthcare sector while focusing on prevailing challenges.
The rollout of a National Digital Health Ecosystem will ensure that all segments of the society are able to access affordable and adequate healthcare in a seamless and efficient manner. Such an ecosystem can potentially make universal healthcare a reality for India.
Further, the fact that mental health counselling and care services found a place in the budget is a testament to how far we have come as a country. Inarguably, the Covid pandemic has adversely affected the mental health of the population at large. Thus, the launch of a National Tele Mental Health program can play a catalytic role in both normalising conversations around mental health as well as ensuring that people are able to seek support for mental health related challenges.
Though there was not much for the medical devices industry directly in the Budget, the industry will benefit from the Government’s increased focus on healthcare. The National healthcare mission outlay has been kept at ~37,000 crores like previous year and this is a bit disappointing, considering the fact our healthcare infrastructure needs big boost in the coming years. The demand from all healthcare experts was to increase healthcare outlay in the current budget.
Budget reaction – Mr. A Ganesan, Group Vice Chairman, Neuberg Diagnostics –
Reduction of sur-charge to 12% on Long Term capital Gains is welcome step.
Unintentional errors in Income Tax can be corrected by filing updated return within 2 years from the end of Assessment year – This is a positive change.
Department to wait before filing an appeal in higher court in respect of disputes of similar nature with regard to interpretation of law , in case cases of similar nature are pending in Supreme court / other courts – This is also a very good step .
Significant increase in Capital expenditure allocation by almost 35% will probably spur economic growth and create jobs.
Extension of emergency credit guarantee scheme till 31/03/2023 is a step in the right direction .
National Digital Health Ecosystem , National Tele Mental Health Programme – Very god initiatives if implemented well .