Union Budget 2024: Boosting Economic Growth and Healthcare

Union Budget 2024 introduces key measures including reduced duty on medical equipment imports, credit guarantee schemes for MSMEs, and lower stamp duty for women homebuyers. Industry leaders believe these moves will propel economic growth and support entrepreneurs. The budget also emphasizes R&D, CAPEX in medical devices, and cancer drug exemptions.

The Union Budget 2024 features several initiatives aimed at propelling India's economic growth and innovation. Key measures include a reduction in duty on certain medical equipment imports, increased credit guarantees for MSMEs, and lower stamp duty for women buying property. These steps align with the government's 'Viksit Bharat' vision, industry leaders noted on Tuesday.

A significant highlight for the medical device industry is the reduction in duty on the import of components for X-ray equipment until domestic capacities are built, said G S K Velu, CMD of Neuberg Diagnostics. He emphasized fiscal incentives for R&D and CAPEX in the medical devices sector, which will boost innovation and drive India towards self-reliance in medical technology.

Ajay Kumar Srivastava, MD & CEO of Indian Overseas Bank, mentioned that the budget's focus on MSMEs would greatly benefit burgeoning entrepreneurs. Credit guarantee schemes, an increase in MUDRA loan limits, and new methods for evaluating MSME loan eligibility are expected to enhance credit accessibility and support sector growth.

Lower customs duties on cancer drugs is a forward step in easing treatment costs, according to Dr Prathap C Reddy, Founder-Chairman of Apollo Hospitals. He called for continuous collaboration among communities, healthcare providers, and policymakers to address cancer care gaps. Public-private partnerships and public insurance programs will be pivotal for improving affordability and accessibility.

The budget also supports affordable housing with a substantial allocation for the Pradhan Mantri Awas Yojana's credit-linked subsidy scheme, noted D Lakshminarayanan, MD of Sundaram Home Finance. He expects lower stamp duties for women homeowners to drive more first-time buyers, while digitized land records would enhance transparency and revenue compliance.

(With inputs from agencies.)