Strategic Healthcare Reforms: Exemption on Basic Custom Duty
At first, in light of the upsurge in cancer across India, the exemption of Basic Custom Duty (BCD) on three life-saving cancer treatment medicines will be a crucial step, potentially reducing the cost burden on patients. However, identifying the specific drugs included in this exemption will be essential to gauge its full impact on cancer care in India.
Moreover, the revised BCD on components of X-ray tubes and digital detectors for medical X-ray machines under the phased manufacturing program will work to boost domestic manufacturing. This adjustment will enhance diagnostic capabilities and reduce dependency on imports, supported by funds for innovation and skilling to benefit healthcare professionals and strengthen the sector's infrastructure.
Fuelling Progress: Powering Innovation and Research
Further, the operationalisation of the Anusandhan Research Fund for basic research and prototype development demonstrates a significant commitment to advancing science and technology. This initiative will work to support foundational research and the development of innovative prototypes, laying the groundwork for future breakthroughs. The financial pool of Rs 1 lakh crore to spur private sector-driven research and innovation will certainly stimulate substantial advancements, fostering a vibrant ecosystem of innovation.
Digital Leap: Advancing Digital Public Infrastructure
Likewise, the emphasis on developing Digital Public Infrastructure (DPI) applications at a population scale is a forward-thinking approach. Applications in areas such as credit, e-commerce, education, health, law and justice, logistics, MSME, services delivery, and urban governance are set to drive productivity gains and create new business opportunities. Moreover, encouraging private sector innovation in these domains will enhance accessibility and efficiency across various sectors.
Tech-Enabled Transformation: Technology and Digitalization
The strategic focus on public investment in digital infrastructure has been pivotal in enhancing access to market resources, education, health, and services. This year's budget emphasises the critical importance of advancing technology adoption to further digitalise the economy, ensuring that citizens, especially those from underserved communities, can fully benefit from technological advancements.
Workforce Empowerment: Facilitating Employment and Skilling
In addition to other initiatives, the budget's emphasis on employment and skilling is evident in the allocation of Rs 2 lakh crore towards five key schemes designed to enhance job opportunities and skill development. Provisions for internship schemes, including allowances and one-time assistance, will support practical learning experiences. Upgrading approximately 1,000 ITIs and tailoring course content to industry needs will further align education with the demands of emerging sectors.
Industrial Expansion: Developing Industrial Parks and Infrastructure
Further, the establishment of new industrial parks in and around 100 cities, along with the approval of 12 parks under the National Industrial Corridor Development Programme, signifies a strategic effort to boost industrial growth. Infrastructure investment remains a priority, with an allocation of Rs 11,11,111 crore for capital expenditure, representing 3.4 per cent of GDP. This commitment will underpin sustained development and fiscal consolidation.
Private Investment Boost: Encouraging Private Sector Investment
Moreover, to stimulate economic growth, the budget promotes private sector investment in infrastructure through viability gap funding and supportive policies. A market-based financing framework to facilitate this investment, alongside the abolition of angel tax will certainly bolster the start-up ecosystem and entrepreneurship.
In brief, the Indian Union Budget 2024 reflects a comprehensive approach to a multitude of measures poised to create a more equitable, efficient, and technologically advanced society, laying the foundation for a healthier and more prosperous future. By addressing key areas of growth and development, the budget underscores India's commitment to building a robust, resilient, and inclusive economy.
The author is Promoter Director, AHEL & Executive Chairperson, Apollo Health Co Ltd.
