India’s interim budget would help address some of the major challenges the country faces in the health and pharmaceutical sectors and strengthen India’s position as the Pharmacy of the World, a noted head of the industry body said the pharmaceutical industry.
The Union Health Ministry has been allocated Rs 90,658.63 crore in the interim budget for 2024-25, an increase of 12.59 per cent over the Rs 80,517.62 crore in the budget (revised estimates) for 2023-2024 .
Finance Minister Nirmala Sitharaman said the government plans to set up more medical colleges by utilizing the existing hospital infrastructure and will form a committee to look into the issues and make relevant recommendations.
India’s commitment to promoting research and development in the life sciences sector will get a boost with the government’s plan to set up more medical colleges in the country, Karun Rishi, chairman of the American Chamber of Commerce, said on Thursday .
“This initiative will improve healthcare services and contribute to capacity building for research and development,” he said.
USAIC, based in Boston, is known for organizing the annual India-US Healthcare and Pharmaceutical Summit for the past 17 years. The 18th annual edition of the summit will take place in Boston on April 25.
Replying to questions about the annual budget, Rishi said setting aside Rs. 1,000 crore for promotion of major drug parks in FY25 is a commendable initiative.
Against the backdrop of global supply chains facing challenges, it is imperative for India to prioritize and strengthen drug manufacturing capabilities, he said.
“The focus on domestic production of active pharmaceutical ingredients (APIs) is of particular importance in ensuring the health security of the Indian people and strengthening India’s position as the pharmacy of the world,” Rishi told PTI.
The Saksham Anganwadi and Poshan 2.0 programmes, aimed at improving nutrition and early childhood care and development, will contribute to a healthier future generation, he said.
India accounted for a third of all cervical cancer deaths worldwide, with approximately 1,32,000 new cases diagnosed annually, most of which are in advanced stages.
Prioritizing prevention to improve public health, especially when it comes to India’s high rates of cervical cancer, is a commendable strategy, he said.
The promotion of cervical cancer vaccination for girls aged 9 to 14 will protect young girls from preventable diseases and deaths, he said.
He noted that the Budget is comprehensive and will lead India towards sustainable inclusive growth. He said Prime Minister Narendra Modi has shown vision and foresight in prioritizing inclusive growth to support economic development of Viksit Bharat.
It is noteworthy that despite global headwinds and geopolitical risks, India expects economic growth of seven percent in the coming fiscal, he said.
“As Prime Minister Modi rightly pointed out, this is a budget for creating India’s future. This budget lays the foundation for a developed India,” he asserted.
Recognizing that infrastructure is the backbone of a developed country, the budget commendably increases expenditure on infrastructure projects while meeting the housing needs of impoverished villagers.
The Finance Minister’s focus on the development and empowerment of the poor, farmers, youth and women reflects the government’s commitment to inclusive development.
The increase in capital expenditure to 11.1 percent, compared to the previous year, is notable, he said.
Reducing the fiscal deficit to 5.1 percent in the next fiscal, down from the projected 5.8 percent for the current fiscal, is commendable. This challenging but commendable achievement demonstrates the government’s commitment to maintaining macro-financial stability, Rishi said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: February 2, 2024 | 10:29 am IST