An IDEA whose time has come

The French poet and novelist Victor Hugo had said, “Nothing else in the world, not all the armies are as powerful as an idea whose time has come.” The pandemic did slow down our economic momentum, but it’s a certainty that India will be among the top three economies of the world by the end of the decade. A healthy and discerning population is the bedrock of this vision, and that inherently demands that we make health and education the cornerstones of the journey ahead. The budget this year ensures this with a substantial increase in allocation for health — a 137 per cent increase from the previous budget to ₹2.23 lakh crore.

The pandemic spared almost no one on this planet and it is a matter of great pride that our country fought hard, we managed the outbreak very well, an achievement commended repeatedly by the World Health Organization. Now we are at a tipping point in the world war-like crisis; and vaccinating around 50 per cent of our population, at a cost of approximately ₹27,600 crore, would help us achieve herd immunity. It is therefore heartening to see ₹35,000 crore allocated for Covid-19 vaccination expenditure. This should be viewed as an investment, rather than a cost. This will enable protection of our citizens and a win in the war against Covid-19, giving the critical health and economic stimulus needed. In fact, the speed with which we roll out the vaccine is directly proportional to the speed of our economic recovery.

Access to healthcare

An additional 0.5 per cent of GDP every year on healthcare for the next 3-4 years would help to get closer to the target of 2.5 per cent of GDP. The launch of the Prime Minister Atmanirbhar Swasth Bharat Yojana, with an outlay of ₹64,180 crore over six years to strengthen preventive, curative and well-being, will also help ease access to healthcare for millions of Indians. The support to rural and urban Health and Wellness Centres, integrated public health labs, and critical care hospital blocks will help address not just the problem of infectious diseases but also the non-communicable disease (NCD) challenge that India is facing. Strengthening the National Centre for Disease Control will prepare us for any future challenges akin to Covid-19.

Improving the baseline health of our population is pivotal and I hope that the budget allocation will also be utilised towards telemedicine and digital health. Both the Central and the State governments need to invest in telemedicine on a mission mode to complement the Government’s national digital health mission and thereby enable greater access to the masses. Addressing the issue of inadequate and uninsured population, the opening up of the insurance sector with increase in the FDI cap to 74 per cent from 49 per cent will encourage overseas investment and bring in best global practices.

Other than healthcare, the budget has taken pivotal steps in strengthening ease of doing business in India. The setting up of a conciliation mechanism in deals with the Government will help instil confidence in private investors and encourage more public-private partnerships. The National Infrastructure Pipeline laid thrust on infrastructure development and has been a success with 217 projects worth ₹1.10 lakh crore completed. When the infrastructure sector moves, it pulls along over 200 sectors. Studies show that for India, increasing infrastructure investment by 0.5 per cent of GDP can boost growth by 1.8 per cent in the medium to long term.

The powerful promise of a “Made in India” vaccine has been delivered, affirming our Prime Minister’s vision of and belief in an Atmanirbhar Bharat. This belief is rooted in the unique strengths that the country possesses. Being mindful that the budget is but one milestone in our country’s journey, I would urge India to embrace the acronym IDEA — be inclusive, digitally pervasive, focus on ease of doing business, and carry an abundance mindset, which can help us focus on the positive journey ahead.

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