2021 Budget Expectations: Hope to see welcoming changes towards the health and wellness sector
Updated: Jan 30, 2021 1:58 PM
Union Budget 2021 Expectations for Health sector: Wellness has always been an integral part of the Indian culture. Be it yoga, pranayama, Ayurveda or the modern day workout forms, taking care of the body from inside out has always been important.
The last 10 months have not just brought this to everyone's notice but also empowered individuals to take more control of their health, with equal impetus being given by the Government of India.
By Shilpa Ambre,
Union Budget 2021-22 Expectations for Health sector: Wellness has always been an integral part of the Indian culture. Be it yoga, pranayama, Ayurveda or the modern day workout forms, taking care of the body from inside out has always been important. If the last 10 months have taught us anything, it’s that our mental and physical wellness must always come first. And this realisation has not just happened on a personal front but also on an organizational level.
We’ve seen companies take charge of their employees’ wellness, register for corporate wellness programs, subscribe for packages to be given to their employees, give paid holidays for mental health etc. And these steps are here to stay because wellness is not just a one-time bonus but more of a lifestyle that needs to be inculcated.
The last 10 months have not just brought this to everyone’s notice but also empowered individuals to take more control of their health, with equal impetus being given by the Government of India.
In the upcoming 2021 Budget, we hope to see some welcoming changes/additions specifically towards the health and wellness sector, both from the point of view of an individual as well as organizations that are contributing towards it. Here are some of our expectations:
– Today the GST we are paying is as high as 18% but in the upcoming budget, we hope that this is corrected, given the increasing importance of wellness being a lifestyle as opposed to vanity metric.
– In the last 9-10 months alone, we’ve seen so many new ventures in the space of wellness and to boost these new ventures, a Tax Holiday by the Government could be a good move.
– With respect to companies specifically in the health and wellness space, I do expect the Government of India to introduce more incentives that encourage employers and employees to naturally gravitate towards making wellness mandatory at the workplace. This can be done through tax exemptions when an individual invests in his/her health or some sort of rebates for corporates who make conscious choices for the health & wellness of their employees.
We hope this will be a welcoming change towards an era of healthier, happier individuals both on personal and professional fronts, largely aided and supported by The Government of India and their policies. This is our chance to set an example and integrate indigenious health and wellness practices into the very fabric of our country.
(The author is CFO, SARVA yoga. Views are personal and do not reflect the official position or policy of Financial Express Online.)