India’s New Budget: Cancer Medicines Get Customs Duty Exemption
New Delhi, July 23 – The Central government of India has proposed to exempt three more life-saving cancer medicines from Customs duty. This announcement was made by Union Finance Minister Nirmala Sitharaman during the presentation of the Union Budget 2024 in the Lok Sabha.
The budget also includes an increased allocation of Rs 90,958.63 crore to the Union Health Ministry for the 2024-2025 fiscal year. This move is seen as a significant step forward in making life-saving treatments more accessible.
Experts’ Reactions
Dr. Harsh Mahajan, Founder and Chairman of Mahajan Imaging and Labs and Chairman of the FICCI Health Services Committee, praised the budget, calling it a budget of continuity and inclusive growth. He highlighted that the exemption of customs duty on components of X-ray tubes and digital detectors will spur indigenous manufacturing of digital X-ray machines in India.
The Association of Indian Medical Device Industry (AiMeD) also lauded the budget as visionary and progressive. Rajiv Nath, AiMeD Forum Coordinator, stated that the budget reflects Prime Minister Narendra Modi’s determination to achieve a $10 trillion economy by 2030 and ‘Viksit Bharat’ by 2047.
Dr. Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare Limited, appreciated the exemption of cancer drugs from customs duty, noting that it will alleviate the financial burden on patients and their families.
Dr. Mandeep Singh Malhotra, Director of Surgical Oncology at CK Birla Hospital, emphasized that the removal of customs duties on medicines will make them more affordable and improve access to advanced cancer treatments.
Dr. Aashish Chaudhry, Managing Director of Aakash Health Care, welcomed the budget and noted the significant increase in the allocation to the Union Health Ministry. He also mentioned the new medical college in Bihar and the extension of the PMGKAY scheme for five more years.
Budget Highlights
Finance Minister Nirmala Sitharaman presented the first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament. The budget outlined nine key priorities aimed at fostering economic growth and creating ample opportunities.
The budget session of Parliament began on July 22 and is scheduled to end on August 12.
Doubts Revealed
Customs duty -: Customs duty is a tax that the government charges on goods coming into the country from other countries. By not charging this tax on cancer medicines, the government is making them cheaper for people who need them.
Finance Minister -: The Finance Minister is a person in the government who is responsible for managing the country’s money. In India, this person is Nirmala Sitharaman.
Union Budget -: The Union Budget is a plan made by the government about how it will spend the country’s money for the next year. It includes things like how much money will be spent on healthcare, education, and other important areas.
Union Health Ministry -: The Union Health Ministry is a part of the Indian government that takes care of health-related issues in the country. They make sure hospitals, doctors, and medicines are available to people.
Rs 90,958.63 crore -: This is a very large amount of money. In India, ‘Rs’ stands for Rupees, which is the currency used. ‘Crore’ is a term used in India to represent ten million. So, Rs 90,958.63 crore is a huge sum allocated for health services.
Experts -: Experts are people who have a lot of knowledge about a particular subject. In this case, they know a lot about healthcare, economic growth, and innovation.
Budget session -: The budget session is a period when the government meets to discuss and finalize the budget. It usually lasts for a few weeks.