Union Budget 2024: FM Sitharaman Proposes Custom Duty Exemption on Cancer Medicines

Additionally, Sitharaman proposed changes in the BCD on X-ray tubes and flat panel detectors for use in medical X-ray machines under the phased manufacturing program to synchronize them with the addition of domestic capacity.

Finance Minister Nirmala Sitharaman has proposed exempting three cancer treatment medicines from basic customs duty while presenting the Union Budget 2024 in Parliament today.

This marks the first full Budget of the Modi-led NDA government since its recent election victory.

Additionally, Sitharaman proposed changes in the BCD on X-ray tubes and flat panel detectors for use in medical X-ray machines under the phased manufacturing program to synchronize them with the addition of domestic capacity.

Further, the Angel tax has been removed which is expected to benefit the healthtech startups.

The highlights of the Union Budget included employment and skilling, MSMEs and Manufacturing, Rural Development, Agriculture, and Infrastructure.

Interim Budget Continues

Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget today for the fiscal year 2024-25.

This marks her seventh full Budget for the fiscal year spanning April 2024 to March 2025, surpassing the record set by former Finance Minister Morarji Desai, who presented five consecutive full Budgets and one interim Budget between 1959 and 1964.

This year, the country has seen two Budgets—an interim one in February and the full Budget today. The necessity for two Budgets in a year arises from the incumbent government’s inability to present a full Budget just before general elections.

In the interim Budget earlier this year, Finance Minister Nirmala Sitharaman outlined some significant plans for India’s healthcare sector.

The Union Health Ministry has been allocated INR 90,658.63 Cr in the interim Budget for 2024-2025 marking an increase of 12.59% over INR 80,517.62 Cr in the Budget (revised estimates) for 2023-2024.

Among the noteworthy healthcare initiatives introduced in the interim Budget for 2024-2025 was a new campaign to promote immunization against cervical cancer in girls aged 9 to 14, aiming to reduce the incidence of this preventable disease.

The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana was allotted INR 7,500 Cr, a rise from INR 7,200 Cr the previous year. The Unorganised Worker Identification Number (U-WIN) platform was established to support 'Mission Indradhanush' and enhance vaccination management.

Furthermore, the government increased financing for biotechnology R&D from INR 500 Cr to INR 1,100 Cr, demonstrating its dedication to innovation and better healthcare facilities.