Union Budget: FM Exempts Basic Customs Duty On 36 Life-Saving Drugs; Boosts Medical Tourism
NEW DELHI: Union Finance Minister Nirmala Sitharaman, in her eighth consecutive budget presentation on Saturday, announced exemptions on basic customs duty for 36 life-saving drugs. Additionally, 6 life-saving drugs will be subject to a 5 percent customs duty. The Finance Minister stated, "This will provide relief to patients, particularly those suffering from cancer, rare diseases, and other severe chronic diseases."
To help people facing financial difficulties, the Finance Minister removed customs duty on medicines given through Patient Assistance Programs (PAPs). This makes essential medicines more accessible. The government has also added 13 more PAPs to support underprivileged patients.
To further boost the medical tourism sector, the Finance Minister introduced the ‘Heal in India’ campaign, a collaboration with the private sector. Visa procedures have been simplified for patients seeking treatment in India, which is expected to bolster the country's medical tourism industry.
With an estimated value of $9 billion, India ranks 10th on the Global Medical Tourism Index. The sector has grown substantially in recent years, particularly with the rise of the AYUSH system, which includes Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy.
In 2023, the government made it easier for international patients to get medical visas for treatment in India. As part of the budget, FM Sitharaman also announced 10,000 more seats in medical colleges and the setup of daycare cancer centers in district hospitals.