Healthcare Sector – Bada Business

Union Budget 2021 Highlights: The 5 Big Takeaways.

When Finance Minister Nirmala Sitharaman presented her third Union Budget 2021 on Monday, everyone had great expectations from it. The Union Budget 2021 came at a time when the economic growth of India is on the downhill due to the COVID-19 lockdown and its aftereffects.
During her two-hour-long speech, Sithraman said that the proposed Budget for this financial year is based on six pillars- health & well-being, physical, financial capital and infrastructure, reinvigorating human capital, inclusive development for aspirational India, innovation, and R&D, and ‘Minimum Government, Maximum Governance’.
There have been many significant announcements that include a proposal to disinvest two more PSBs and a general insurance company, hikes in customs duty to benefit Make in India, and numerous infrastructure pledges to poll-bound States.
The fiscal deficit that currently stands at 9.5% of the GDP, is estimated to be 6.8% in 2021-2022. Personal income tax slabs remain the same, however, there have been changes induced for the senior citizens above 75 years.

Here are 5 most important Budget takeaways:

Healthcare Sector
Along with focusing on the strengthening of the Urban Swachh Bharat Mission, the Government has launched new schemes such as PM Atma Nirbhar Swasthya Bharat Yojana to develop primary, secondary and tertiary healthcare, and Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
The set-up of around 17 new public health units is proposed at points of entry. Also, the existing health units at 32 airports, 15 seaports, and land ports will be modernized.
Keeping the healthcare sector in focus, FM allocated Rs 2,23,846 crore to the healthcare sector in 2021-2022, Rs 35,000 crore for the Covid-19 vaccine.

Growth in Focus
Despite the year 2020 is hard on the common man, Sitharaman has avoided any tax relief exemptions to the ‘aam aadmi’. There have not been any increase in the standard deduction and no raise in the tax slabs.
Taxpayers are not required to estimate the dividend income while making advance tax payments. The advance tax will be payable only when the dividend is declared or paid by the company. Taxpayers can save the payment of interest due to underestimation while paying advance taxes.

Road to Recovery
After struggling for six years, the government has finally decided to come up with an asset reconstruction company to take over the bad loans of banks that will give them the flexibility to boost the economic growth.

Asset Monetisation
This is one sector, where the government has not performed much to inspire confidence. National Monetisation Pipeline of potential assets of NHAI, PGCIL, warehouses, airports, Railways, sports stadiums.
Major Highway Projects
The four poll-bound states get major highway projects: Kerala (1,100 km- Rs 65,000 crore), Tamil Nadu (3,500 km- Rs 1.03 lakh crore), Assam (1,300 km –Rs 34,000 crore), and West Bengal.
Finance Minister Sitharaman`s third budget is bold on multiple levels. It not only carves a pathway to growth but also signifies a strong intent for reforms.

5 Ideas to Start-Up Business in Healthcare Sector

The business environment is quite uncertain. There are constant changes in the way it operates. It is affected by several factors, including political, social, legal, and cultural among others. A business therefore experiences many direct and indirect interventions making its path highly unpredictable. However some businesses are hardly affected by such market fluctuations. One such is the healthcare sector. The medical and healthcare businesses are not prone much to disturbances in the external environment.

As more and more businesses are away from the traditional brick and mortar shops to advanced website and other online platforms, varied opportunities for starting non-conventional business in the healthcare sector has also emerged. Here are some of the start-up ideas for healthcare sector-

Health Information Website

One of the most straightforward business ideas for healthcare or medical sector is to start a website to provide information on routine healthcare. People are increasingly becoming more and more health conscious and are seeking for quick tips to stay healthy or the uses of medicine. The website can have multi-format content such as blogs, podcasts, infographics, videos, tutorials, articles, multimedia stories etc. It can be divided into different categories based on the food habits, working life, other health problems of the people.

Daily Nutrition App

More and more are becoming aware about the need of proper nutrition in their diet. An app with provides information for the nutrition requirements of the user depending upon his/her physical activity, BMI etc., can be highly useful for the health conscious people who are busy in the life enough to not have any time for separately looking for such information. Users can also provided by the opportunity to get in touch with a trained nutritionist or dietician who can help them to regulate their intake, helping them realise the effects that various foods have on their health.

Medical Records Management App

One of the best healthcare start-up ideas could be to start a digital service for hospitals, clinics, and doctors’ offices to help them manage their medical records It could assist the users to maintain and identify medical records of their patients in an organised and chronological manner. Moreover, even individual with heath conditions can also keep regular records of their condition.

Maternity/Child Care Guidance App

Many new parents face difficulty in accessing doctor as and when required and look for continuous guidance on how to take care of their new born. You can build an app that has all the necessary information related to various stages of child birth and care. A child-specialist can be roped in for advice in emergency situations. A similar guide on pregnancy will also add to the demand and usage of the app.

Mental Health Tracker App

In today’s faced passed-anxiety inducing world, more and more people are facing several mental and emotional disturbances. Many of them are too afraid to seek help owing to the stigma associated with it. An app devoted to keep a track of the mental health of individuals is a highly viable business idea. Counselors and therapist can be roped for users to discuss their problems anonymously. Daily mental de-stressing activities and exercises can be an added attraction of the app.

Heath is the biggest wealth a person can ever earn, with growing awareness of importance of leading a health life, people are progressively looking for sources to guide and regulate their lifestyle. A start-up in the health-care sector will be highly profitable and useful for both the service provider and user.