Expert Views: India unveils budget in wake of COVID-19 slump, proposes doubling healthcare spending
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Unveiling an annual budget on Monday aimed at reviving an economy that plunged into deepest recorded slump amid the COVID-19 pandemic, Finance Minister Nirmala Sitharaman proposed doubling healthcare spending to 2.2 trillion Indian rupees ($30.20 billion).
The government will launch a new federal health scheme with an outlay of around 641 billion Indian rupees ($8.80 billion) over the next six years, she told parliament kicking off her budget speech.
India, which has the world's second highest coronavirus caseload after the United States, and currently spends about 1% of gross domestic product on health, among the lowest for any major economy.
Here are some reactions from Indian businesses, economists and analysts:
SUJAN HAJRA, CHIEF ECONOMIST, ANAND RATHI SECURITIES, MUMBAI
"The indications are that the government is going to do more to promote growth rather than maintaining fiscal discipline. This is a welcome move as it will have a positive impact on growth. Also, we are seeing a lot of measures on conditions of doing business which was required. The intent for reforms is also strong."
(Reporting by Nallur Sethuraman in Bengaluru; Compiled by Uttaresh.V)
