Union Budget 2024: Indian Startups, Investors, & Experts Questions What's Next?

Another healthcare sector veteran Pavan Choudary, Chairman, Medical Technology Association of India (MTaI) highlighted, the gross customs duty on medical devices in India is between 13 to 16%, whereas in our neighborhood that is Sri Lanka, Nepal, and other countries, it is less than 5%. This creates opportunities for illicit smuggling of these devices which means losses to the exchequer and the patient being burdened with devices which do not have adequate legal or service guarantees. This is one important reason why customs duty on medical devices should be brought down. The other reason concerns patient affordability which is a top priority of the government. A consistent customs duty reduction will go towards improving affordability and access.”

For a few crucial diseases like Cancer, startups are working tediously using different technologies for early diagnosis and treatment such as screening programs for cancers like cervical, breast, and colorectal. Niramai is a deep-tech healthcare startup working vigorously towards breast cancer screening with their innovative solution.

D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre shared that, “our country needs funding for few advanced therapies like immunotherapy and personalized medicine, ensuring more patients can access these cutting-edge therapies. He opined that extending Ayushman Bharat to those aged above 70 will be highly beneficial for senior citizens. However, the current coverage limit of Rs.5 lakh may not be sufficient for critical illnesses such as cancer, where treatment costs can range from Rs.15-20 lakhs”.

Talking about the apparel startup Ankit Jaipuria and Ritesh Khandelwal founder of ZYOD, shares “The forthcoming budget presents a pivotal opportunity for apparel startups to reshape the industry's future through innovation and sustainability. We anticipate policies that encourage investments in AI, automation, and sustainable practices, which can drive significant growth and transformation. Simplifying compliance and offering tax incentives will be crucial in fostering a more conducive business environment. Ritesh highlighted that, “the industry contributes approximately 5% to the GDP and employs over 45 million people, underscoring its vital role in the nation's economy. The key areas of focus automation incentives are the game-changer of productivity and efficiency. We are hopeful for a budget that not only boosts local production but also enhances our competitiveness on the global stage, ultimately leading to a stronger and more sustainable apparel industry”.