Strengthening India’s Preventive Healthcare Sector: A Call for Budget Reforms
As India grapples with the increasing burden of chronic diseases, Karan Khurana, Founder & CEO of Wishnew Wellness, has outlined a bold vision for leveraging the country’s preventive healthcare sector, particularly through nutraceuticals, to tackle this pressing challenge. In his recent remarks, Khurana emphasized the immense potential of nutraceuticals to improve health outcomes, but he also pointed out the need for targeted reforms in the upcoming Union Budget to unlock this potential.
Reducing GST on Nutraceuticals to Enhance Affordability
One of Khurana’s primary recommendations is the reduction of the Goods and Services Tax (GST) on nutraceuticals, which currently stands at 18%. He argues that lowering the tax rate to 5% would not only make nutraceutical products more affordable for consumers but also align with the government's national health objectives. This move, he suggests, could lead to widespread adoption of preventive healthcare products, ultimately reducing the long-term healthcare burden on the nation.
Incentivizing Manufacturing for Domestic Growth
Khurana also called for a stronger push towards bolstering domestic manufacturing of nutraceuticals. He proposed a 50% capital subsidy for World Health Organization Good Manufacturing Practice (WHO-GMP) certified units in Tier 2 and Tier 3 cities. This, combined with interest subvention for indigenous ingredient processing and shared testing facilities, would not only boost local production but also create jobs in smaller cities, contributing to a more balanced economic development.
Strengthening Digital Infrastructure for Wider Accessibility
With the rise of digital platforms, Khurana highlighted the importance of improving digital infrastructure to expand access to nutraceuticals. He suggested providing subsidies for supply chain digitization, as well as offering incentives for direct-to-consumer (D2C) platforms and digital payment systems. These measures would streamline the distribution of preventive healthcare products, making them more accessible to consumers across the country.
Fostering Innovation Through R&D Support
Finally, Khurana emphasized the need to advance research and development (R&D) in the nutraceuticals sector. He proposed a 150% weighted deduction on R&D expenses, grants for clinical studies, and support for sustainable packaging innovations. These efforts would not only drive innovation within the sector but also ensure that India remains competitive on the global stage.
In conclusion, Khurana believes that these proposed budgetary reforms will not only make preventive healthcare more accessible to the masses but also align with the vision of Atmanirbhar Bharat by promoting self-reliance in the nutraceutical sector. By fostering domestic manufacturing, driving innovation, and enhancing accessibility, these steps will position India as a global leader in the nutraceutical industry, paving the way for healthier lives and a stronger economy.