India Urged to Significantly Boost Healthcare and Education Spending for ‘Viksit Bharat’ Goal

New Delhi – A recent analysis by EY has called for a substantial increase in India’s public expenditure on healthcare and education if the nation aims to achieve its ambitious ‘Viksit Bharat’ (Developed India) goal. The consultancy firm recommends raising healthcare spending to 3.8% of the Gross Domestic Product (GDP) and education spending to 6.5% of the GDP.

Currently, India’s public spending on these critical sectors falls short of these recommended figures. EY’s report highlights that bolstering investment in healthcare will improve access to quality medical services, reduce out-of-pocket expenses for citizens, and ultimately enhance overall public health. Similarly, increased investment in education will foster a skilled workforce, drive innovation, and contribute to long-term economic growth.

The ‘Viksit Bharat’ vision, championed by the Indian government, aims to transform the nation into a developed economy by 2047. EY’s analysis underscores that achieving this goal requires a holistic approach, with significant investments in human capital being paramount.

The report emphasizes that the proposed increase in spending should be accompanied by strategic reforms to ensure efficient utilization of funds. This includes strengthening healthcare infrastructure, expanding access to quality education in rural areas, and leveraging technology to improve service delivery.

Experts believe that such investments will not only improve social indicators but also create a conducive environment for sustainable economic development. The increased focus on healthcare and education is seen as crucial for building a strong foundation for India’s future.

The call for increased spending comes at a time when India is witnessing rapid economic growth, but also grappling with challenges related to healthcare access and educational disparities. The EY report suggests that prioritizing these sectors is essential for ensuring inclusive and equitable development.

Disclaimer: This news article is based on information provided by EY and published by the Economic Times. The figures and recommendations presented are based on their analysis and should be interpreted as such. Independent verification and further research are encouraged. The opinions expressed in the original report may not reflect the views of all stakeholders.(https://health.economictimes.indiatimes.com/news/industry/india-should-increase-healthcare-and-education-spending-to-3-8-pc-and-6-5-pc-of-gdp-to-achieve-viksit-bharat-goal-ey/119684354?utm_source=top_story&utm_medium=homepage)