Budget 2025 Expectations | Healthcare sector requires larger share of expenditure, says Sanjaya Mariwala

The healthcare sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping its fingers crossed regarding their expectations from the government's most important financial document of the year.

Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.

Various experts from different sectors have put forth their expectations from the Budget for their industry. Speaking on behalf of the Healthcare sector, Sanjaya Mariwala, the Executive Chairman and Managing Director of OmniActive Health Technologies and President of the Association of Herbal and Nutraceutical Manufacturers of India, said, "As we dream of Viksit Bharat in 2047, it cannot happen without Swasth Bharat. Health is a very significant area of development in India. Despite the progress achieved so far, health expenditure has been a mere 3.37 per cent of GDP trailing the targeted 5 per cent of GDP for universal coverage of health services. The major challenges lie in addressing infrastructural gaps, shortages of medical professionals, and ensuring services are offered at more affordable rates."

"Beyond curative solutions, preventive healthcare needs to be at the fore if it is to be sustainable in the long run. The nutraceutical sector is capable of playing an extremely important role in not only bringing down healthcare costs but also impacting overall health outcomes," he added.

"However, the common man cannot reap the benefits of nutraceuticals when GST is at 18 per cent. Reducing it to 5-10 per cent will align it with pharmaceuticals and make such preventive solutions more accessible and affordable for consumers," he stated.

"Additionally, incentivising corporate investment in clinical trials and research will not only encourage innovation but also ensure that products are safe and effective for consumers. Strengthening the credibility and safety of these products is crucial for building public trust," he said.

"If the upcoming Union Budget addresses these priorities, it will reinforce India's healthcare system, improve consumer safety, and position the country as a global leader in preventive health,” Mariwala said.

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.