Health care may feature in PM Narendra Modi's Independence Day speech

In his ninth Independence Day speech from the Red Fort, Prime Minister Narendra Modi is expected to devote a considerable amount of time to ongoing and proposed initiatives in the health care sector. He may also stress on digital banking and financial inclusion, and the resilience of the Indian economy in the face of global headwinds, Business Standard has learnt.

August 15, 2022, will mark the 75th year of India’s independence.

With Covid institutionalising the need for a robust health infrastructure to face emerging challenges, the Prime Minister is expected to make around five major announcements pertaining to the sector, sources said. These would include a new digital infrastructure to boost medical tourism in the country through programmes like ‘Heal in India’ and ‘Heal by India’.

The portal planned under the Ayushman Bharat Digital Mission is expected to be a repository for all medical services provided across the country for foreigners seeking treatment in India. These include a network of hospitals, charges and even visa and immigration details.

“India is a hub for medical tourism. The entire effort is to smoothen the process so that people who come for treatment in the country have a seamless experience,” a top official said.

That apart, there could also be an announcement by the Prime Minister on reducing drug prices of critical ailments such as cancer, diabetes and cardiovascular diseases.

“These are some of the commonest forms of ailments that affect Indians presently. Any announcement on lowering prices of critical drugs could have a huge positive impact,” another official said.

Modi could also announce the setting up of new AIIMS in remote regions of the country. An expansion in coverage of Ayushman Bharat could also be on the cards.

What to expect from PM Speech

• Steps to boost medical tourism may come up
• Reduction in drug prices to battle cancer, diabetes likely
• Expansion of Ayushman Bharat coverage likely
• Boosting domestic oilseeds and pulses production may be on agenda

For the food and agriculture sector, sources said some announcements towards boosting domestic oilseeds and pulses production could be on cards. There could also be a roadmap on distributing fortified rice through the PDS by 2024.

Regarding financial sector announcements, digital banking units (DBUs) may be officially inaugurated by the PM before Independence Day. The setting up of 75 such units may find a mention in Modi’s speech on August 15.

Banks were given a target of opening DBUs, announced in the Union Budget 2022-23, by July 31. They have been able to set up such units in 75 districts to celebrate 75 years of Independence, an official said. A formal inauguration is expected soon.

All public sector banks (PSBs), 10 private banks and one small finance bank are setting up such units, which would be treated as banking outlets. Banks have the option to engage business correspondents to expand the virtual footprint of DBUs.

The Reserve Bank of India (RBI) projects India’s real GDP growth for FY23 at 7.2 per cent. Most agencies, banks and multilateral institutions have similar projections, with the International Monetary Fund (IMF) recently cutting its estimates for India to 7.4 per cent.

Even at these levels, India will remain the fastest-growing major economy in the world.

In his speech, Modi is expected to touch upon how India’s economy has shown resilience in the face of supply chain disruptions and commodity price spikes caused by the war in Ukraine. He may also talk about how some major economies are headed for recession while India’s GDP is growing post-pandemic. Consumer price index (CPI)-based inflation for June came in at 7.01 per cent.

It is the sixth straight month of headline inflation remaining above the Monetary Policy Committee’s target of 4 per cent, thus signalling further rate hikes. However, inflation is now expected to ease as commodity prices soften due to recession fears.