Finance Minister Nirmala Sitharaman today presented the full budget for 2024-25 in the Lok Sabha. In the budget, the Finance Minister made several announcements related to the healthcare sector, which can prove helpful in making the treatment of various diseases easy and affordable for the people. A provision of about Rs 90 thousand crore was also made in the budget for the sector.
Provision in the budget for the healthcare sector
While presenting the budget, Finance Minister Sitharaman said that Rs 89,287 crore has been proposed for the healthcare sector. This is slightly more than the budget presented last year. In the budget presented in February last year, a provision of Rs 88,956 crore was made for the healthcare sector. That is, there has been a slight increase in the budget of the healthcare sector. However, in this budget, Rs 2,143 crore has also been allocated for the pharma sector under the PLI scheme.
Zero duty on three cancer drugs
This budget has brought relief to people suffering from serious diseases like cancer. Finance Minister Nirmala Sitharaman proposed to remove custom duty on three cancer medicines. Earlier, the government had also made the custom duty zero on some cancer medicines last year. The government has also made a provision in the budget to remove custom duty from medicines and food items used in the treatment of diseases like Wilson’s disease, cystic fibrosis and Pompe disease. These measures will prove helpful in making treatment affordable.
Change in duty on these devices
Generally, 10% custom duty is levied on medicines. On the other hand, medicines and vaccines that come under the category of life saving medicines are either levied custom duty at a concessional rate of 5% or are completely exempted. The government has also proposed changes in the basic custom duty on X-ray tubes and flat panel detectors. X-ray tubes and flat panel detectors are used in X-ray machines for medical use.
Will help in making treatment affordable
Sector experts are welcoming the provisions made for the medical sector in the budget. Sanjeev Singh, Medical Director of Faridabad-based Amrita Hospital, says – Waiving custom duty on three medicines used in the treatment of cancer is an important step towards making life-saving treatment affordable for patients. The proposed changes in the basic custom duty on X-ray tubes and flat panel detectors will promote domestic manufacturing of essential medical equipment, which will improve availability and reduce costs.
Sanjeev Singh praises the announcement of building new medical colleges and says that the government’s commitment in this direction will help bridge the gap between medical education and healthcare services. This will prove to be especially helpful in the developing areas of the country. These measures are positive steps towards improving healthcare infrastructure and patient care across the country.
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