Union Budget 2024 | Reaction from Anish Bafna, CEO and MD, Healthium Medtech
The Union Budget 2024-25 sets the foundation for our nation’s unrelenting pursuit towards Viksit Bharat 2047. The announced exemption of customs duties on the three additional cancer formulations is an industry-welcoming move towards patient centricity, easing the financial and socio-economic burden of the disease on patients. Additionally, the detailed changes in basic custom duties on medical equipment like X-rays and flat panel detectors under the government’s phased manufacturing program will go a long way to bolster the domestic production capacity for local players. Such interventions from the government will propel conducive policymaking and enhance affordability and accessibility in healthcare while supporting manufacturing and innovation in the medical sector.
The increased impetus on job creation and central skilling programs will boost productivity and excellence in the workforce for developing sectors like manufacturing and MSMEs. Tailored initiatives like Anusandhan National Research Fund for powering innovation, research, and prototype development will encourage the spirit of self-reliance, promote talent, and generate indigenous solutions in healthcare. The financial outlay of ₹1 Lakh Crore will further spur private sector-driven research and innovation at a commercial scale. Moreover, the ₹1,000 crore fund announced to boost India’s space economy will encourage private innovation, advance our Atmanirbharta initiatives, and benefit 180+ startups, and more incubated applications.
