News Desk, News Nation 360 : In the context of India's economy, the upcoming Union Budget for the fiscal year 2024–25 is crucial, especially for the healthcare and nutraceutical sectors. Partner at Herbochem Karthik Kondepudi discussed his expectations for the 2024–2025 Union Budget. The Indian nutraceutical industry is a promising newcomer to the global market, and he anticipates that the Union Budget will prioritise giving it access to fiscal policies that support innovation and R&D. Therefore, one key expectation should be a robust regulatory framework that strikes a balance between ensuring product safety and encouraging industry growth. The government should, in my opinion, take steps to encourage R&D and innovation, simplify industry regulations, expedite consent procedures, and provide new and creative products with quicker access to the market. Through the cultivation of an environment conducive to scientific inquiry and advancement, the government can enable the nutraceutical industry to make a significant contribution to both public health and fiscal growth in India. From the perspective of the healthcare sector, he would anticipate that this budget would acknowledge the wide range of needs within the industry and provide adequate funding to advance the development of healthcare infrastructure, particularly in rural areas. Realising the importance of universal access to high-quality healthcare, he implores the government to allocate funds for the establishment and upkeep of additional healthcare facilities in underprivileged areas. In addition, he would like to see the government take a variety of steps to encourage the use of technology in healthcare delivery and expedite the funding of telemedicine, HIS, and digital health solutions. These can improve the quality of healthcare services, close the gap between urban and rural healthcare, and guarantee that medical knowledge is accessible to everyone in the nation. To encourage investment in progressive technologies and sustainable practices, the industry also supports tax breaks and subsidies. Through encouraging the use of advanced manufacturing techniques and sustainable sourcing, the nutraceutical industry aligns itself with the global movement towards environmentally and socially responsible practices. Such actions not only affect the industry's ability to compete on a worldwide scale but also establish India as a reliable participant in the nutraceutical market. He would also anticipate that the government would set aside enough money to build a planned supply of medical necessities, enhance healthcare science research capabilities, and fortify the medical workforce. In conclusion, he hopes that this budget addresses pressing issues while also setting the stage for inclusiveness, innovation, and sustainable growth.
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