Last Night, the Indian Prime Minister Narendra Modi announced a Rs 20 lakh crore fiscal stimulus package to help the economy after lockdown in COVID-19 battle.
Here’s what Indian Healthcare Industry makes of this move.
CEO, Sahajanand Medical
|The 20 lakh Crore economic booster is an important announcement by PM Modi. His clarion call to be ‘Vocal for Local’ is a big push to see domestic manufacturers hedge their manufacturing and supply chains for a Self Sufficient and Self Reliant India.
India Inc must make a concerted effort to leverage the potential of the Government’s “Make in India” initiative. There is a renewed interest in the medical device sector, and significant investments and stimulus packages in this sector will enable to make meaningful progress in the healthcare sector.
India has emerged as a leader in the global fight against Covid, be it the strategy to contain the spread till now, or propel the domestic manufacturing of PPEs or Masks. Time has come for India to show the world it’s resilience, move beyond the normal to create a New-Normal and an opportunity to revive the domestic industry from this crisis to become the health basket of the world.
J.Mitra & Co.Pvt Ltd
|The financial stimulus packages being announced by the central government seem to be a step in the right direction. The INR 20 Lakh crore package will certainly go a long way in reviving the economy and making India self-reliant. As a % of the GDP, the package stands at the 5th place after Japan, US, Sweden and Germany. The focus on make-in-India and jobs-creating industry is welcomed. Particularly exciting for me is the focus on diagnostics, device manufacturing and pharmaceutical sectors.
On the reforms side focus on ease of business through single-window clearances, infrastructure support and land reforms coupled with FDI facilitation is also welcomed. The details of the overall stimulus is still very sketchy, and more clarity will be available in the days to come when individual ministries come out with proper notification
Secretary General NATHEALTH
(Healthcare Federation of India)
Philips Healthcare & Consumer Lifestyle
|PMs clarion call for a “self reliant India” around the five key pillars of Economy, Infrastructure, System, Demography, Demand-Supply Chain is in the right direction…Bold reforms across sectors should enable and accelerate this..However the devil is in the details as the saying goes and therefore the entire nation will be keenly waiting for the details of the Rupees 20 lakh crore package, which represents about 10% of India’s GDP, and it’s implementation plan in the coming days and weeks.”Cooperative Federalism” in the true spirit of state-central government collaborations and industry-government symbiosis will be key to success of this mega plan. Corona has shown the world and even India the chinks in the armour of the various Healthcare systems, processes and policies.
We need to carry the learnings forward and make robust plans to improve our overall Healthcare system to ensure true accessibility, availability and affordability for citizens across all economic segments. Cutting edge digital technology will certainly play a major role…artificial intelligence, machine learning, augmented reality will not be mere buzzwords any more but essential enabler and accelerator for many sectors and definitely for Healthcare…India must capitalise on it’s IT strength and take leadership position in this critical area.
We should now be well prepared for not only positive changes, not merely transformations but for “Disruptive Metamorphosis”! Ancient Greek philosopher Pluto said, “Necessity is the mother of invention” this is the opportune moment for creating renewed momentum for “Start-up India” initiative to unlock and maximise the potential of India’s creative talents.India’s hunger for innovation…This is India’s moment to create best in class” frugal innovations to position our great country as THE global leader for creating innovative and economically viable technology solutions! Move over China!!
|Dr Alexander Thomas
President, Association of National Board of
Accredited Institutions (ANBAI)
|A welcome and awaited decision. The health sector desperately needs help, if it is to effectively continue the battle against COVID. In the long run we should utilise the huge reservoir of talent to provide healthcare workers to the entire world community. Medical education and health reforms will enable our Country to play a major global role.
Forum Coordinator AiMeD
|Time to be vocal on local! This resonates with manufacturers of Medical Devices Industry, we are thankful that PM Modi has been bold to consider 10% of GDP as economy boosting package , which is very favourable and among Top 5 Countries in the world . This is the opportunity for India to vie for being the 2nd factory in world for Medical Devices & a dependable Manufacturer of quality products in Global supply chain
Founder and CEO
|There needs to be a behavioral shift from Government side towards treating private sector as necessary and key partner for this Make in India and self-reliance initiatives. Most Government officials today suspect the intent of Private sector and no partnerships will succeed with such mindset fixations.
|Dr Arjun Kalyanpur
CEO and Chief Radiologist
|It is truly a unique opportunity for India to become self-reliant in the healthcare space. The PM pointed out that we went from not having any PPE to producing 2 lakh PPE per day during this pandemic. Similarly in pharma we need to make the complete product in India reducing our dependence on others as well as reducing our carbon footprint by reducing import related transport. We can also use this opportunity to export our medical expertise to our countries via Telemedicine
|The announcement of Rs. 20 lakhs crore stimulus package to address this extraordinary National calamity of COVID 19 by PM Modi is certainly welcome. This bold and unprecedented step by GOI took everyone by surprise. The PM’s emphasis towards making India self-reliant is not only relevant in these times but very much needed for India, if India wishes to take on China and keen to emerge as the serious alternative to China. Though, this announcement coupled with PM’s emphasis on focus on 5 pillars, viz Economy, infrastructure, Systems, Demography and Demand; has certainly created some positivity and brought needed cheers among Industry leaders. We need to see how this announcement is implemented on ground. Government should put all its machinery to ensure seamless execution. All the key stakeholders have to be held accountable for the delivery. And above all we have to see most of this package is invested not only in subsidies, bail-outs, it way it is always done In India but for building infrastructure to make India future ready.
|Dr D S Rana, Chairman
(Board of Management)
Sir Ganga Ram Hospital
|Our Honourable Prime Minister is really great. He surprised nation with a very meaningful message heading towards self-reliance with self-confidence and converting challenge of Corona Crisis into a great opportunity to make country self-sufficient and work and be vocal to make our local products global.
Founder & CEO
|While the INR 20 lakh crore economic stimulus package is truly remarkable – and the need of the hour – what inspires entrepreneurs like me to step up to the challenge is the clarion call for self-reliance.
For long, India’s overdependence on imported medical devices has been a cause for concern. Now is the perfect opportunity to remedy the situation, by harnessing the strength of India’s healthcare startup ecosystem. We are confident about India’s ability to find sustainable solutions to healthcare challenges related to COVID-19 and beyond.
In record time medical sector responded by manufacturing PPE kits, ventilators, hygiene products and this bears testament to our entrepreneurial spirit. It has the power to revolutionise the Indian healthcare narrative.
As a huge supporter of the ‘Make in India’ initiative, I see this timely opportunity as the silver lining to the pandemic. In the long run, this can help the average Indian patient to get better access to affordable healthcare.
|Dr Girdhar J Gyani
Director General AHPI & Ex SG QCI
|Prime Minister stressed in his speech on five pillars
1- Quantum jumps in economy
3- Tech driven system
4- Vibrant demography
5- Demand and supply chain to meet the same.
To address and implement the above pillars, Prime Minister announced economic package amounting to Rs. 20 lakh crore (10% of GDP) and which will be aimed at making India self-reliant. He further emphasized that focus will be on Land, labor, liquidity, SMEs and MSMEs.
Reform now to expand to agriculture and allied related Rationale tax system Infrastructure Human resources Financial system.
His new mantra was to make global brands – from local to global and hence to be vocal about local.
His final word was that CORONA virus may remain for some more time but we need to protect ourselves and at the same time take the journey towards self-reliant with renewed vigor.
To summaries, Prime Minister showed determination in turning the adversary in to opportunity and making India world leader. We know how Japan after devastation during world war-II turned around and
became world leader in producing quality goods. We need to do something similar and become global hub in manufacturing. In healthcare we have huge opportunity. COVID has made us realize on gaps in
our health system. We need to quickly bridge the gaps based on 4-pillars of universal health coverage and then go beyond. India can be supplier of allied health work force to the world and for which we need to quickly adopt Allied and Healthcare Professional Bill and train people to first meet our needs and then export them all over the world.