New Delhi, January 20: Union Finance Minister Nirmala Sitharaman is due to present the highly awaited Union Budget 2021 on February 1. The Budget Session in the parliament is set to begin from January 29. The budget comes amid the COVID-19 outbreak that has rendered the global economy partially paralytic. Though vaccination programme has begun in several countries, including India, various economic activities still largely remains under the impact of coronavirus pandemic and subsequent lockdown. When Will Union Budget 2021 be Presented? Here's What You Can Expect From It as Budget Goes Paperless Amid COVID-19 Pandemic.
The public expenditure allocated to the health and allied sectors in this year's budget is centre of focus of the country tormented by the continuous fight against COVID-19 over past one year. Apart from free COVID-19 vaccination, one of the most prominent expectations from budget is the larger appropriation of funds and spending towards the healthcare sector. From research to treatment, the healthcare sector needs huge financial impetus to cater to one of the largest populations of the world in matters related to health and wellness.
Installation of modern medical appliances, testing centres among others at public hospitals in various districts is also a much anticipated move in the budget. People suffer owning to lack of proper medical care facilities at their district, sub-district levels and are forced to avail services of expensive private hospitals. Setting up proper treatment centres at these hospitals are also a necessity, people expect from Bugdet 2021.
The businesses in the healthcare sector is also looking forward to a National Retail Policy and streamlining of the compliance mechanism to help in expansion and growth. The businesses are also looking forward to further opening up the sector for FDI. They also hope that the centre will fix a cap on the rising input costs of manufacturing. Union Budget 2021 to be Presented on February 1, Parliament Session to be Convened From January 29: Reports.
In order to boost the healthcare sector, the businesses hope to have some relaxation under the Goods and Service Tax in the coming financial year. This will help to make the sector more affordable for general public as well. Many hope that the government will mark a 'zero rating' of GST for medical products and services.
Some funds are expected to be allocated for the research and treatment of rare and chronic diseases. A small amount of spending can be made towards developing awareness about the mental health and its treatment.
The COVID-19 pandemic has further highlighted the importance of strengthening the public health care sector in the country and expand its reach to the remotest areas. Allocation of a huge chunk of funds from the budget is important for boosting and improving one of the most important sectors of the economy- the healthcare sector.
(The above story first appeared on LatestLY on Jan 20, 2021 03:26 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).