Union Budget 2025 | Medical device sector anticipates inclusive reforms to spur growth, says Healthium Medtech CEO & MD Anish Bafna

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.

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

"As India Inc. gears up for the Union Budget 2025-26, the medical device sector anticipates inclusive reforms to spur growth and address the roadmap for India’s evolving healthcare needs. With India progressing towards Viksit Bharat 2047, it is critical for the government to catalyse and improve our healthcare spends as a direct percentage of the nation’s GDP. This would increase the demand and per capita consumption of medical devices, allowing the ecosystem to develop further. Providing preferential treatment in public procurement to domestic players and also the beneficiaries of PLI and PRIP schemes, will go a long way towards strengthening the domestic R&D ecosystem & boost manufacturing, thus, moving up the value-chain.

The industry echoes a shared sentiment for the imminent need to streamline the existing regulatory framework through a one regulator approach, move away from the multiplicity of the processes and improve operational efficiency. Domestic manufacturers will continue to seek an increase in duty incentives up to 5 per cent under the current RoDTEP (Remission of Duties and Taxes on Exported Products) scheme. The sector seeks a promising financial outlay to encourage manufacturing, continue upskilling of HCPs and improve patient outcomes," said Anish Bafna, CEO & MD, Healthium Medtech.

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.