Union Budget 2024: Experts laud prioritisation of skilling in healthcare

Kiran Mazumdar Shaw, Chairperson, Biocon & Biocon Biologics:

 “The Union Budget for FY25 builds further on the government’s pre-election, Interim Budget and has positive indicators on how the government is looking at India’s economic growth and development.

 The FM’s emphasis on job creation through skilling is a key underlying theme. Internships at large companies with Government and CSR backed stipends is the right approach to employability and jobs for the future. The budget has also focused on the start up ecosystem and provided a fillip through the abolition of the ‘angel tax’ which is aimed  at spurring investments in start-ups, and the emphasis on ‘ease of doing business’ will benefit MSMEs. 

 The government’s focus on research and innovation, especially agritech and industrial research, is a welcome move. The allocation of Rs 1 lakh crore financial pool will spur private sector-driven research and innovation at commercial scale. We will need to read the details to see how this will be allocated to each sector. The removal of Customs duty on three cancer drugs will provide relief to cancer patients. However, the government needs to consider GST exemption for all cancer drugs to make cancer care more affordable for patients.”

Dr Raj Nagarkar, MD & Chief of Surgical Oncology & Robotic Services, HCG Manavata Cancer Centre (HCGMCC):

“The government’s employment-linked schemes are commendable. This year’s budget has put significant focus on employment generation and skill development which will ensure that the youth remain more focused and work towards the country’s growth,”

Vikram Vuppala, Founder & Group CEO, NephroPlus :

“We were hoping that the healthcare sector would be granted infrastructure status in this budget along with an increase in healthcare expenditure which is less than 2.5 per cent of GDP. But we welcome the government’s commitment to skill development, with a promise to upskill 20 lakh youth over the next five years and a month’s wage for new hires. This initiative will significantly boost employability and address the skill gap in various sectors.”

Dr H Sudarshan Ballal, Chairman, of Manipal Hospitals:

“This year’s budget has focused on creating more jobs and also creating opportunities for skilling which is the need of the hour. Some relief for the salaried middle class in income tax and an increase in exemptions has been provided which is welcome. As far as health care is concerned customs duty exemption for some cancer drugs and technology behind equipment like X-Ray tubes is welcome. Building more medical colleges using the existing hospitals is likely to boost the much-needed increase in the number of doctors in the country. Strengthening the vaccination programs is a welcome move.

Overall, the budget seems to have focused on the creation of jobs and some relief for the salaried medical class in income tax and exemptions. No major changes in health care except concessions for some cancer care drugs medical equipment, building more medical colleges, and strengthening the vaccination programs.”