As the announcement of the Union Budget is imminent, the salaried class, small entrepreneurs or even the large corporate - are looking forward to it. While the pandemic has increased the emphasis on the India's healthcare industry that is aiming to grow & expand like never before various other industries, like the healthcare sector has high expectations from the Union Budget. These include the establishment of a healthcare infrastructure development fund & the provisions of various tax benefits and these expectations from the Union Budget 2023 are high.
The Finance Minister will be presenting the Union Budget 2023, today. Some of the Budget expectations for healthcare industry include:
Expansion of Ayushman Bharat Scheme
The government is anticipated to expand the
coverage & the benefits of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, the world's biggest health insurance scheme, to the non-poor segments of society.
Rise in tax deductions on preventive health checkups
Most of the citizens are waiting on the announcement of a rise in tax benefits on preventive health checkup expenses. The anticipation is that the tax deduction limit would be increased from 5000 to 15000 rupees.
PLI Scheme for Healthcare Services
The government had earlier introduced the PLI scheme for medical devices. Given its success, the healthcare industry now anticipates the budget to consider introducing a service-linked scheme for the healthcare industry & this should render incentives to organizations that are engaged in the business of rendering healthcare services.
Establishing the healthcare infrastructure fund
The government has focused on the MSME industry, medical device parks and start-ups & various other industries in several ways. They have set up dedicated funds as well as schemes for boosting infrastructure development in these industries. The healthcare sector also anticipates the setting up of a specialized fund for healthcare infrastructure development.