Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 on Tuesday, expressing sympathy for those who died in the country owing to the COVID-19 pandemic.
“We are in the midst of the Omicron wave, the speed of our vaccination campaign has helped greatly. I am confident that with ‘Sabka Prayaas’, we will continue with strong growth,” Nirmala Sitharaman said. Last year, Nirmala Sitharaman said the government will spend Rs 64,180 crore over the next six years to improve healthcare services.
Key Points:
In terms of healthcare budget, India ranks 179 out of 189 countries in prioritisation accorded to health in its government budgets. As health is a state subject in India, spending on healthcare by the states matters the most when examining government healthcare spendings, according to the Economic Survey 2020-21, which was presented in the Parliament on Friday by Nirmala Sitharaman ahead of Budget presentation. The survey also suggested that an increase in public spending from 1 per cent to 2.5 to 3 per cent of GDP can decrease OOP expenditures from 65 per cent to 30 per cent of overall healthcare spend.
From a financial perspective, India has one of the highest levels of OOP expenditure in the world, contributing directly to the high incidence of catastrophic expenditures and poverty. “In fact, at small levels of public spending — less than 3 per cent of GDP — even marginal increases in public spending generate substantial bang for the buck in reducing OOP expenditure,” the survey said.
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