The government should play a role of a catalyst so that we can create a culture of prevention. A healthy India can play an important role in making India a $5 trillion economy.
We may see a special budget allocation for preventive healthcare, and we recommend including a separate tax exemption element in 80D with a limit of Rs 30,000 per taxpayer annually for preventive health checkups including genetic testing for self and family. This will encourage people to go for regular health screening and help us make India a ‘Healthy India’. In addition, special tax incentives for preventative healthcare should be provided to organisations and institutions at Rs 1000 per-employee basis, incentivising them to invest in their employees’ health and well-being. Furthermore, a zero-rating or minimal GST on healthcare services is required to minimise costs for healthcare providers. Medical value travel is an important growth opportunity for us and supports the government’s initiative of ‘Heal in India’. Income tax exceptions for earnings from medical value travel will increase the focus on this category. As a result, the benefit will be passed on to the end consumers, lowering the overall cost of medical treatment.
