New Delhi: The Union budget 2023–24 has unleashed a wave of enthusiasm among technology-driven companies Opening. With the improved focus on artificial intelligence (AI)this year Minister of Finance Nirmala Sitharaman has submitted the proposal to establish three centers of excellence for artificial intelligence (AI) to be established in leading educational institutions to realize the vision of ‘Making AI in India‘ and ‘Making AI work for India’. Apart from this, last year’s draft of the National Data Governance Policy (NDGP) it has been included in the Union budget as a policy initiative to unleash innovation and research by start-ups and academics. Several leading tech innovators and executives from start-ups across the country shared their views on whether the 2023–24 Union Budget has been a boon for the industry or business as usual.
Namit Chugh, Chief Investment Officer at W Health Ventures, stated: “We are particularly excited about the announcement to open three interdisciplinary AI research and development centers for ‘Making AI Work India’ and ‘Making AI Work for India’. India’. AI in healthcare has already shown immense promise around the world for improving care. Given the potential to create large health data sets in India used to train AI and highly skilled tech talent pool, this move by the government prepares us more than ever to make AI in healthcare a trillion dollar opportunity. Additional investment in developing and upskilling healthcare personnel such as nurses and technicians was one of our key budget expectations. We welcome the announcement to establish 157 new nursing schools in the country, a move that will be critical not only for health care but also for employment.
“With a focus on accessible, affordable and inclusive healthcare for all, along with an emphasis on improving healthcare infrastructure, enhancing R&D for innovations and improving healthcare services in the country, the budget of the Union 2023 for the healthcare sector is a step in the right direction.This will ensure that everyone in India has access to healthcare services.Announced initiatives to strengthen the digital healthcare infrastructure will prove beneficial to the healthcare sector health care for years to come. It is an inclusive budget for the health care sector to benefit all sectors of society,” shared Vishal Gondal, founder and CEO of GOQii.
Amol Naikawadi, Deputy Director General of Indus Health Plus, commented: “The Union budget for 2023 looks optimistic for the healthcare sector. With the government’s focus on advanced technologies such as AI, research, partnerships with educational institutions, an increase in nursing faculty and MedTech skills, the sector will receive a boost from the general standpoint of healthcare services and solutions. In addition, the government’s mass screening initiative in partnership with private actors to eradicate diseases like sickle cell anemia will also educate people on the importance of good health and screening. In my opinion, the budget should also have given more preference to healthcare and a specific focus on the prevention of NCDs, as they are one of the main growing burdens in India, both from a health and financial perspective. Apart from that, technologies like genetic testing should also have been on the priority list that is enabling and empowering the healthcare sector with personalized medicine.”
“An increase in the budget allocation for health infrastructure and the digital transformation will allow a futuristic development of the country’s health organs. In addition, a special focus on green energy and sustainability are key points that will help promote sustainable products in the country. Also in the budget it was stated that new programs for pharmaceuticals would be formulated and investment in research would be encouraged. With such a step, it will boost not only the infrastructure, but also the backbone of the healthcare sector with advanced research in medical sciences,” said Shabnum Khan, Founder, 750AD Healthcare Pvt Ltd.
Amrit Singh, Co-Founder, CRO, Loop Health, said: “The budget has focused on enhancing India’s R&D capacity in pharmaceuticals and medical devices while increasing professional nursing education. In their approach for the eradication of sickle cell disease, they have shown a preventive healthcare framework of health education, proactive testing and treatment that should be the cornerstone of all healthcare in India, which is currently only focuses on last mile patient care. We hope that future budgets will address preventive care. Infrastructure expansion in India is the number one need when it comes to strengthening the healthcare infrastructure. And to do that, we need more qualified talent and a bigger budget.”
Sujata Pawar, Avni Co-Founder and CEO, added: “The budget strikes an appropriate balance between confronting the key fundamentals of health and wellness, inclusive development, human capital, innovation and R&D, as well as laying the foundations for a prosperous economy by investing heavily in infrastructure. The government’s intention to empower women entrepreneurs through self-help groups focused on raw material sourcing, product branding and marketing is also a unique and sensible step as community impact plays an important role with women. in India. Additionally, the announcement of 157 new nursing colleges will further help strengthen India’s primary healthcare system. The mission mode program to eradicate sickle cell disease can have a tremendous impact. Such programs are a marathon and not a sprint, but they can create a fantastic template for programs for other diseases like curable blindness in the years to come.”
Krishna Veer Singh co-founder and CEO Lissun said: “It was apparent during the lockdown that mental health has remained an ignored area and demands immediate attention. In the last budget, Hon’ble FM announced the launch of a Tele Mental Health service. This year, the budget has addressed the needs of health professionals by announcing 157 new nursing schools. All of this taken together will serve the purpose of adding fuel to the healthcare infrastructure, and it’s the only way it’s going to make complete sense. In addition, there has been a significant increase in the budget allocation for the Ministry of Health, which indicates the attention of the government towards the health standards in the country”.
