The Union Budget 2018 has taken a huge step in making healthcare affordable and accessible by launching the world’s largest healthcare scheme. It is indeed heartening that 40 per cent of India’s population will be covered under an insurance scheme. The pay problem demanded urgent attention and the government has paid heed.
If the Flagship National Health Protection Scheme to cover 10 crore poor and vulnerable families - with up to Rs 5 lakh per family per year for secondary and tertiary care hospitalisation - is properly implemented and monitored, it will be an important step in creating 'Swasth Bharat'. Effectively, this initiative which amounts to $800 billion dollars top even America's Medicaid programme, which amounts to $550 billion.
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Suneeta Reddy, MD, Apollo Hospitals
Dr Vibha Tripathi Managing Director Swajal Water
The budget is primarily focused on health and benefits to villages which is a very necessary and positive move. However, there are some conundrums here which surprise me. Allocation of Rs 10,000 cr for Digital India Initiative, while most of India lacks access to very primary things such as clean drinking water. It is also interesting to note that simultaneously Jio has announced its formal movement into IoT space.
MSMEs in comparison has got only Rs 3,794 crores for credit support while it is well recognised that MSME participates actively in job and income creation for the country.
The budget overall is inclusive in nature and some thought has gone into consideration for all segments.
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Dr Vibha Tripathi, Managing Director, Swajal Water
This year's Budget had assumed great significance, since it was the first one after implementation of GST - the boldest tax reform in India since Independence. The insurance industry – both life and general, were expecting that their demands will be met. The industry demanded lower GST rates and input credit on insurance premiums - in view of the fact that insurance sector holds strategic significance, especially life and health insurance, which offers first layer of financial security to Indian masses. The pre-Budget clarification that no GST will be levied on agri-insurance, was certainly helpful. Overall, the Finance Minister has done a fine work of balancing fiscal deficit with growth priorities, and has given a positive thrust to all important segments of the economy.
Health insurance coverage is a much-needed measure to address protection gap for the Indian population and will boost penetration in a major way. However, the success will depend upon the adequate pricing based on actuarial assessment. We have a very good template in terms of Pradhan Mantri Fasal Bima Yojana for boosting penetration for crop insurance. Rs 5 lakh per family and 10 crore families – the sum insured involved is Rs 50 lakh crore. This has the potential to match, if not dwarf the crop segment which saw momentous growth during last two years.
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Alice G Vaidyan, CMD, General Insurance Corporation of India-Reinsurance
The merger of three PSUs is a sound proposal. But it is the implementation which will be the key to reap benefits of the proposal. This will boost the growth prospects of the insurance sector on a sustainable basis and will have knock on effect on the reinsurance growth as well.
Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)