India is poised at the cusp of a truly transformative leap into the future. The Indian healthcare sector will witness its acceleration into a unique multi-modal multi-dimensional structure that this Budget promises to unveil over the next decade.
To start with, we should recognise and applaud the role of healthcare in the Indian economy. The measures taken in ramping up healthcare infrastructure during the last two years, followed through with a strong vaccination program, gave India the ‘Economic Kavach’ to withstand a rude shock and ensure faster recovery in Covid times.
The Budget sets forth a strong base to weave four dimensions of future growth with enhanced capital outlay – PM Gati Shakti, inclusive development, energy transition /climate action and financing of investments. The setting up of an open platform for the national digital health ecosystem is encouraging, as it will accelerate the mapping of health records of the people and ensure that they have seamless and optimal access to healthcare facilities. The digital registries being proposed for healthcare providers, health facilities and supply chain providers will create a robust health stack that will enable faster diagnosis, virtual consultation and management of health ailments and broaden and deepen the health infrastructure capabilities of the nation with a foundation for new-age technologies like AI.
Budget allocation
Increased Budget allocation for health as well as an income tax exemption on health insurance would have enabled the middle class to access healthcare better so these will remain requests that we hope can be granted in the near future. Yet the digital push will enable an optimisation and an enhancement of efficiency of the existing infrastructure through better continuum of care.
Modern telemedicine tools and technologies will be more easily available and set the path for affordable e-healthcare across India. Telemedicine and remote care can ensure that we not only service Indians, but also leverage the quality of our doctors and skilled healthcare force to provide healthcare solutions to other parts of the world.
The push for virtual currency by the RBI will also play a pivotal role in enabling the healthcare sector to accelerate into a blockchain ecosystem. The supplementary enablers such as Digital Payments Banks in over 75 districts will aid universal access to the healthcare ecosystem within rural India also. The setting up of a National Tele-Mental Health Program will bring the softer issues of mental health and wellness of India’s skilled workforce into sharper focus. It is noteworthy that there has been marked progress in health and infra in over 112 aspirational districts with a concomitant significant improvement in quality of life metrics.
India’s growth trajectory
Overall, the Budget lays the foundation for the next phase of India’s growth trajectory and its prowess in key sectors, including digital healthcare. The proposed reorientation of skilling programmes and partnership and the National Skill Qualification Framework (NSQF), in line with dynamic industry needs, will ensure sustainability and employability. The combination of education, skill development and digital infrastructure will augment the growth of a future ready workforce. India has the potential to become the “Healthcare Super Power” to the world if we are able to harness the digital transformation tail winds unveiled in this budget and make the vision of a young India caring for our country and a greying world – a reality.