Union Budget 2019 expectations: FICCI seeks priority status to healthcare for easy access to funding

As the date for presentation of Union Budget 2019 by Finance Minister Nirmala Sitharaman is inching closer, industry representative body FICCI today said it is looking forward to a clear and proactive policy in the upcoming Budget. Sangita Reddy, Senior Vice President, FICCI and Joint MD, Apollo Hospitals Enterprise Ltd, said, “Healthcare must receive a priority status so that it enables easier access to funding.” 

Sharing her views on the Union Budget 2019-20, Reddy said the move would facilitate greater number of beds. She further added that India has done a commendable job towards Universal Health Coverage by undertaking Ayushman Bharat. However, private sector participation will be needed to scale up in areas like capability, number of beds, manpower and training, she added.

According to the FICCI Senior Vice President, “The industry is also seeking support to get investment towards the new age healthcare and in that data sharing, digitalization, electronic health record, personal health records – all are very important buzz points.”  

To encourage startups, Reddy said that the angel tax must be removed as it will go a long way in spurring the entrepreneurial spirit, creating and nurturing innovation, and creating startups which can be the unicorns of tomorrow.

She also highlighted the importance of environment and water, saying some important Budget announcements for water conservation and preservation were expected.

On taxes, Reddy said that reduction in corporate tax will boost the mood of the corporate sector and thus spur the economy, adding that an upward revision in the individual income tax slabs will further boost consumption and enhance GDP growth.

Stating that there are lot of exciting opportunities which can spur the banking sector, she said, “The banking sector needs further look whether in terms of promoting greater liquidity or innovation in terms of the enablement of more hands having access to low cost funding.” 

Giving thrust on strengthening of education sector, she added, “The education sector and the follow through of what happens to human resources is another very important area which I am sure the Budget will focus on.”