JAMMU/ NEW DELHI: As India approaches the Union Budget 2025, stakeholders from the healthcare and education sectors are advocating for significant reforms aimed at enhancing infrastructure and accessibility.In healthcare, experts like Aman Puri, Founder of Steadfast Nutrition, emphasize the need for government expenditure to rise to 2.5%-3% of GDP, aligning with global averages. This increase is critical to address the longstanding deficiencies in India’s health infrastructure, particularly in rural areas where 65% of the population resides.
The focus should also shift towards preventive healthcare, which currently receives only 14% of government funding, to mitigate long-term costs and inefficiencies.In the education sector, leaders such as Deepakk Kummar urge for dedicated funding for entrepreneurship skill development programs and streamlined regulatory frameworks to foster innovation.
There is a strong push for public-private partnerships to enhance educational resources and facilities, including incubation centers equipped with modern technology.Both sectors highlight the necessity for a transformative approach in the upcoming budget that prioritizes sustainable growth, innovation, and inclusivity to empower India's youth and improve overall quality of life.
Healthcare Sector
Aman Puri, Founder, Steadfast Nutrition, a leading sports and wellness nutrition brand-
"The healthcare sector and public policy experts have a longstanding expectation that the government amp up expenditure in healthcare to 2.5%-3% of the GDP - the world average (which includes developed and emerging nations) is 6% while India has stagnated at a concerning 1.5-2.1% since the last few years - a key reason for the country’s poor health infrastructure. The National Health Policy 2017, the Economic Survey 2021 and 2022-23 and the 15th Finance Commission have also emphasised increasing government expenditure to at least 2.5% of the GDP. This Budget must address this concern.
We need to strengthen primary and secondary healthcare in India and expand healthcare facilities in villages (home to 65% of our population), and tier 2 and 3 cities to meet the demands of India’s burgeoning population and improve their quality of life and unless the allocation to healthcare as a percentage of the GDP improves, will not be able to do so. Increasing investment in healthcare is also critical for social insurance, improving research and development, and advancing digital health services for enhanced healthcare accessibility and delivery.
A self-assessment conducted by the Indian government in July 2024 revealed that a vast majority of the country's public health facilities are falling short of essential standards mandated by the government, failing to meet the benchmarks for infrastructure, human resources, drugs, diagnostics, and equipment, which necessitates an immediate increased allocation to healthcare in this year’s Budget.
Moreover, India’s healthcare system is skewed towards curative healthcare - preventive healthcare receives only 14% of the government funds, which leads to long-term inefficiencies and escalating healthcare costs. In this year’s Budget, the government should allocate funds to preventive healthcare, including awareness campaigns among people on prevalent health issues such as anaemia and lifestyle diseases like diabetes and cardiovascular conditions, health screenings, and wellness programmes."
Mr. Suresh Garg, Founder and CMD of Zeon LifeSciences-
"We urge the government to consider the critical need for tax uniformity in the healthcare sector, as well as special provisions for research and innovation, and robust export incentives to empower Indian healthcare companies to compete on the global stage. As the Indian nutraceutical market is projected to grow from USD 6.11 billion in 2024 to USD 11.55 billion by 2030, with an estimated CAGR of 11.39% during this period, a supportive framework in these areas can provide the much-needed impetus to the sector, driving both growth and global competitiveness.
Our expectations from the government are to prioritize policies that not only unlock the immense potential of the healthcare industry but also ensure long-term sustainability, inclusivity, and global recognition. By fostering an environment of growth and innovation, the Indian healthcare sector can significantly contribute to the nation's economic and social progress."
Education Sector
Deepakk Kummar, the Founder and Chairman of EIMR Business School-
"We urge the government to allocate dedicated funding for high-quality entrepreneurship skill development programs, enabling students to tackle real-world challenges. Consistent funding is crucial for student-led initiatives, complemented by tax incentives for academic-industry partnerships, incubator expansions, and research grants to fortify the education ecosystem.
To propel the education sector forward, we advocate for simplifying regulatory frameworks for ed-tech startups and fostering public-private partnerships. Moreover, streamlining the setup of incubation centers within business schools, equipped with essential tools like 3D printers and software development kits, will cultivate innovation from the outset."
Startup Sector
Deepakk Kummar, the Founder and Chairman of EIMR Business School-
"The Indian Government has taken commendable strides in promoting entrepreneurship through various schemes. However, the current landscape presents significant challenges for aspiring entrepreneurs. The multitude of schemes, often with complex eligibility criteria and inconsistent application processes, can be overwhelming and hinder progress. To address these issues, the government should implement a streamlined, single-window system that consolidates all entrepreneurial schemes.
This centralized platform would provide entrepreneurs with clear, accessible information and simplify the application process for funding and guidance.Furthermore, the inconsistency in funding support poses a major obstacle. Fluctuating levels of financial assistance can create instability and jeopardize the future of startups. To mitigate this risk, the government should establish stable funding mechanisms, such as dedicated funds or guaranteed loan programs.
This would instill greater confidence in the startup ecosystem and encourage entrepreneurship all the more.By simplifying access to schemes and ensuring consistent funding, the Indian Government can create a more conducive environment for startups to thrive. This not only fosters economic growth but also positions India as a global leader in innovation and entrepreneurship."
