We are gearing up for the 2024-25 union budget under the administration of our esteemed finance minister, Nirmala Sitharaman; it is critical to understand the complexities, uncertainties, and challenges developing by the current economic and political landscape, market fluctuations and domestic policy changes. Nirmala Sitharaman presented the Interim Union Budget for 2024-25, emphasizing the theme 'Sabka Saath, Sabka Vikas, Sabka Vishwas', along with 'Sabka Prayas' for a more inclusive approach to development and economy. The theme emphasizes the previous 2023-24 budget, which concentrated on inclusive growth through initiatives such as nursing schools, medical device courses, a national digital library for youth development, and positive support for pharmaceutical research. The government allocated around Rs 86,000 crore to the healthcare sector in the Union Budget 2022-23, a 62% increase compared to what was spent in the fiscal year 2018-19. There were significant problems with the 2023 budget year, particularly concerning public health, likely due to the increase in COVID-19 cases in China. The upcoming budget will focus on health infrastructure, R&D [research and development], and healthcare education and training. In addition to the envisaged developments, the institutions could have done better on some of them, with more emphasis on primary healthcare services, which are necessary for the early detection and prevention of diseases. This disregard can probably lead to a situation where the costs of health on a long-term basis will be high, as well as negative consequences. In the same vein, the unspeakable report of mental health issues has not been issued. This has been the case since after the pandemic started. The experts are optimistic about a noteworthy investment in the healthcare sector. Dr Azad Moopen, Founder and Chairman of Aster DM Healthcare, stated, "India has been progressing steadily in increasing investment in public health infrastructure, and we hope to see a significant increase in the healthcare sector's budget allocation to at least 5% of the GDP. It is crucial to address the existing gaps to better the functioning of the healthcare system in India. The 2024-25 budget is anticipated to provide temporary workers employed by online platforms like Swiggy, Ola, etc., and independent contractors in the construction sector with medical insurance, social security, and retirement benefits. Experts suggest that healthcare needs more investment in medical education and research. Dr Moopen stated, "This necessitates the development of medical colleges, nursing colleges, and paramedical colleges in all 500 district hospitals across the country." The allocation for FY 2024-25 is Rs 73,498 crore, the highest total to date. The government's focus is to have the youth development and empowerment policies to serve the "Amrit peedhi" in the coming years. The new fiscal year will witness more investment in school education: the government will continue to work on teacher training and integration of education technology. The Samagra Shiksha Abhiyan, Kendriya Vidyalayas, and Navodaya Vidyalayas are expected to receive significant budget allocations. Additionally, private-sector partnerships will be prioritized to improve infrastructure and resources for better education delivery. A push for the PM SHRI scheme: The policy was introduced on September 7, 2022, and its goal was to develop 14,500 schools nationwide. This aims to showcase the successful endorsement of the National Education Policy (NEP) 2020, which provides high-quality education. Fiscal outlays of financial programmes have significantly increased from Rs 2,800 crore in 2023-24 to Rs 6,050 crore in 2024-25. This Rs 3,250 crore increase highlights the government's focus on creating institutions that would be a benchmark for the development and innovation of the education sector. The 2024-25 budget has high approval ratings and thus is expected to be a significant turning point for new regulations that India has never seen before. It will stand out as a revolutionary innovation and weigh heavily on its economy's growth. Experts are hoping that this time, we will see well-thought-of investments in health and education. As we approach the budget announcement, projects necessary to supply the required products must be carried out with the highest level of care and efficiency. This will only be possible when we rack up ambitious goals for ourselves, which successively leads to a golden age of national prosperity for our nation.
source: pib.gov.in
Healthcare Sector Investment
Source: financial express
What can be anticipated?
How is the education sector prioritized?
Conclusion:
22 Jul 2024
Riya Rode
