Budget 2024 Expectations Live Updates: Amit Chhabra, CBO, general insurance, Policybazaar.com, said, “The health insurance industry is advocating for tax reforms to encourage innovation and adapt to evolving trends. A key proposal is to increase the tax deduction limit for health insurance premiums, specifically raising the limit to ₹50,000 for individuals, their spouses, and dependent children, and increasing the limit to ₹1 lakh for senior citizen parents. Additionally, the industry is pushing for tax exemptions on Health Savings Accounts (HSAs). This reform would enable individuals to allocate more resources towards future healthcare expenses, promoting a proactive approach to health and wellness planning.”
Budget 2024 Expectations Live Updates: The expectations of the health tech industry related to Budget
Surjeet Thakur, Founder & Director of Triotree Technologies Pvt Ltd.
As we look towards the Union Budget 2024-25, the health tech industry in India holds significant expectations. The sector seeks a robust policy framework that fosters innovation, ensures quality healthcare, and supports the industry’s growth to achieve its projected $50 billion mark by 2025. Key areas of focus include reducing import duties on medical devices, streamlining GST policies, and enhancing funding for research and development. Additionally, there is a call for increased investment in healthcare infrastructure, particularly in the form of medical device parks, to boost local manufacturing and reduce dependency on imports. By addressing these needs, the Union Budget can play a pivotal role in making India a global hub for health tech and ensuring accessible and affordable healthcare for all.
Specific expectations from the Union Budget include:
Regulatory Framework: Clear and supportive regulatory frameworks for HealthTech startups and companies, ensuring compliance while fostering innovation.
Research and Development (R&D) Incentives: Tax incentives and grants to encourage R&D in HealthTech, particularly for developing innovative solutions in healthcare delivery, diagnostics, and medical devices.
Cybersecurity Measures: Investments in cybersecurity infrastructure and regulations to protect sensitive health data in digital platforms.
Incentives for Startups: Supportive measures such as tax breaks, grants, and incubation centers to foster innovation and growth in the HealthTech startup ecosystem.
Integration with Ayushman Bharat Scheme: Mandating Integration of HealthTech solutions with government healthcare schemes like Ayushman Bharat to enhance efficiency and reach.
