Budget 2022 Expectations: Healthcare companies search discount in GST, import duties; ease in FDI guidelines | Economy News


New Delhi: Finance Minister Nirmala Sitharaman is all set to current the Budget 2022 on February 1. With only a few days left for the Budget presentation, consultants from a number of industries have put ahead their requests. As far as healthcare is anxious, founders of healthcare corporations and consultants are searching for a discount in GST and import duties, together with simplification of international direct funding (FDI) norms.

Amit Sharma, Founder and CEO at eExpedise Healthcare mentioned, “This yr’s finances is essential and we count on concrete insurance policies, framework and investments for inexpensive and accessible healthcare from the federal government. One means the federal government can do that is by way of lowered GST on healthcare services and products by conserving life-saving medication on the lowest GST bracket and having “zero-rating” of GST for well being care companies.

“The authorities ought to work on the Private Public Partnership (PPP) mannequin for higher infrastructure, analysis & innovation to make high quality healthcare inexpensive and accessible for the plenty. We are additionally wanting ahead to extra funding and planning on the National Digital Health Mission (NDHM). Targeted incentives and tax holidays ought to be given to the healthcare and allied sectors for making India as a number one vacation spot,” Sharma added.

Meanwhile, Anika Parashar, Founder and CEO, The Woman Company, mentioned, “The Union Budget ought to emphasize on Women wellness – particularly menstrual hygiene. We have already got tax exemption on sanitary pads, nevertheless, this may very well be prolonged to manufacturing and manufacturing. Further , reducing import duties for uncooked supplies might bridge the hole between provide and demand as nicely encourage extra Indian producers to start out manufacturing biodegradable pads within the nation.”

“There ought to be coverage stage incentivisation for Made In India merchandise, start-ups helmed by ladies and ventures that target sustainability and fixing for girls’s points. The Government ought to promote using biodegradable menstrual merchandise to deliver down waste produced by plastic merchandise – a determine which at the moment stands at a staggering 12.3 billion yearly. We additionally count on the federal government to enhance digital infrastructure in Tier II, III cities, and rural areas in order that the subsequent group of customers can enter the D2C ecosystem,” she added.

Also, Functional Nutritionist Mugdha Pradhan, CEO and Founder of iThrive, mentioned, “The FDI investment process should be simplified, and taxation-related compliances should be kept to a minimum.” Also Read: Moved to a brand new home? Here’s change deal with in your Voter ID card on-line

“As the medical industry does not pay GST and wellness being a part of it, the GST rate for wellness services should be 5% rather than the current 18%. In terms of GST, the wellness industry should be on par with the business industry,” Pradhan added. Also Read: Phone storage full? Here’s create extra space

Ashutosh Kaushik, Interim CEO, FRHS India and CAG member for Pratigya Campaign mentioned, “The FY2021 budget announced a 137% increase in healthcare spending to address some of the gaps. Healthcare accounted for about 1.8% of GDP in 2021. We should aim to raise it to at least 3.5% of GDP this year. While COVID-19 pandemic is important and there has to be a focus, it is equally important to increase the proportion of spending on other aspects like SRHR services considering medical abortion pills and abortion access to ensure safe abortion practices for long term. This would reduce rates of adolescent pregnancy, increase awareness for birth spacing which will provide a critical window for mothers to have healthier, safer pregnancies. Furthermore, the budget should focus on increasing the budget for family welfare to ensure adequate supply of contraceptives methods and Long-Acting Reversible Contraceptives (LARCs) to meet reproductive health needs. Investing in promoting health education in schools and colleges to enable adolescents to take charge of their own health needs. Strengthen response to gender-based violence, a growing public health concern.”

Also, Debanjana Choudhuri, gender and local weather justice specialist mentioned, “The Covid-19 pandemic has underlined the significance of having a robust healthcare system in the country. The healthcare sector, which has proven to be a shield against the pandemic since 2020, seeks increased outlays in expenditure in the upcoming Union Budget 2022. Healthcare allocation must be raised to achieve government plans of spending 2.5% of GDP by 2025. There is an immediate need to increase the allocation for health expenditure to atleast 2.5%-3.5% of the GDP. The issues that exited last year continues to exist and therefore it is important to establish quality health care services across the country, and increase investments in sexual and reproductive health, while also bringing about focus to contraceptive and safe abortion access in particular by expanding the provider base and prioritizing women’s health, which will have positive impact on the overall health of the country.”

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