Budget 2024: Anand K of Agilus Diagnostics seeks continued concessional rate of 5% customs duty

New Delhi: “India’s health budget has remained abysmally low over the years and needs to be significantly enhanced to meet the rising healthcare needs of the population,” said Anand. K, Managing Director & CEO, Agilus Diagnostics while sharing his expectations for the Union Budget 2024.

“The previous budget‘s conditional concessional rate of 5% customs duty on drugs, medicines, diagnostic kits and equipment was a significant boost to R&D initiatives in the sector. We’re optimistic that the government will not only extend this beyond March 2025 but also consider expanding the list of items covered,” said Anand.

“Easing the cost burden by giving input tax credit for GST will aid the entire healthcare industry to reduce input costs. An official council to establish the credentials of medical lab professionals and a government-operated ‘Board of Medical Technology’ will provide career stability for science students and create new employment opportunities. This will also help build laboratory services in underserved areas,” opined Anand.

He added further: “Preventive healthcare expenditure has remained considerably low even with enough evidence that mass preventive screening can bring down overall healthcare costs in the long run. Apart from the INR 5000 tax benefit of preventive testing, there is no incentive for the common citizens to safeguard their own health.”