While the healthcare sector is looking forward to raising its funding, the manufacturing industry, recovering from the disruptions caused by the unprecedented pandemic, is banking on Budget 2023 to resurrect operations. The Union Budget 2023 will be presented by Finance Minister Nirmala Sitharaman on 1 February.
The healthcare sector also expects more spending on infrastructure to focus on research and development initiatives. According to Jyoti Prakash Mahapatra, chief financial officer of Ruby Hall Clinic, as quoted by Mint, the funds can be used to manufacture or import state-of-the-art healthcare facilities.
After Covid-19 rocked the nation’s fragile healthcare systems, there’s a renewed interest in expanding pharmaceutical investments. The industry which shot to prominence in the last two years for its vaccines and medicines, is looking forward to better funding, R&D specific policies and tax breaks on medications, Mint quoted Raheel Shah, Director of Business Development, BDR Group, in a report.
Experts added that spending on public healthcare should be urgently looked into as Budget 2023 will be important in providing access to innovative solutions for health emergencies, apart from Covid.
With India expected to face an economic slowdown in FY24, experts from the manufacturing industry shared with Mint their anticipations from Budget 2023. Dr Deepak Jain, Founder of The Fragrance People, said that the upcoming budget should introduce ‘investment allowance’ along with a mix of subsidies and schemes to accelerate the machine tool industry.
The president of the apex body of the recycling industry in India, Sanjay Mehta, wants basic customs duty on metal scrap to be removed, which will be a shot in the arm for the MSME sector, which uses it as an important raw material.
Local manufacturers should be incentivised and companies following sustainable and innovative practices should be rewarded by the government, according to Lokendra Singh Ranawat, CEO of WoodenStreet.