The growth of the healthcare industry is to be fuelled by the rising purchasing power of the indian middleclass, which is willing to shell out more for quality healthcare that is today more available than, say 50 years ago, thanks to the involvement of the
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India's healthcare sector is expected to be $280 billion in size by 2020, growing at a compound annual growth rate of 16 per cent, but it is in "dire need" of right policy framework and infrastructure push, says a FICCI-KPMG report.
With the healthcare industry seeing a robust growth trajectory, workforce in the sector is expected to be at 7.4 million in 2022, said the report -- 'Healthcare: The Neglected GDPDriver'.
The sector, which was at $73.92 billion in 2011, is expected to grow at a CAGR of 16 per cent to $280 billion in 2020, it said.
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The report added however that it was high time the country realised the significance of healthcare as an economic development opportunity at national and state levels.
"With the increasing disease burden, the healthcare sector in the country is in dire need to get the right policy framework and infrastructure impetus. Granting infrastructure status may not only help the sector receive investments, but also bring down the cost of healthcare delivery," it said.
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The report further said healthcare is traditionally seen as a social sector in India, with less government focus and low budget allocation.
"India currently spends cumulatively 4.2 per cent of its GDP on healthcare, with just 1 per cent being contributed by the public sector, amongst the lowest globally," it added.
As per the report the healthcare sector impacts the country's GDP through various routes. It is also one of the largest sectors in India in terms of employment generation. If appropriate investments are made in areas, such as healthcare delivery and education, they are expected to further increase the employment rate and positively impact the country's GDP.
With the healthcare industry seeing a robust growth trajectory, workforce in the sector is expected to be at 7.4 million in 2022, said the report -- 'Healthcare: The Neglected GDPDriver'.
The sector, which was at $73.92 billion in 2011, is expected to grow at a CAGR of 16 per cent to $280 billion in 2020, it said.
ADVERTISEMENT
The report added however that it was high time the country realised the significance of healthcare as an economic development opportunity at national and state levels.
"With the increasing disease burden, the healthcare sector in the country is in dire need to get the right policy framework and infrastructure impetus. Granting infrastructure status may not only help the sector receive investments, but also bring down the cost of healthcare delivery," it said.
ADVERTISEMENT
The report further said healthcare is traditionally seen as a social sector in India, with less government focus and low budget allocation.
"India currently spends cumulatively 4.2 per cent of its GDP on healthcare, with just 1 per cent being contributed by the public sector, amongst the lowest globally," it added.
As per the report the healthcare sector impacts the country's GDP through various routes. It is also one of the largest sectors in India in terms of employment generation. If appropriate investments are made in areas, such as healthcare delivery and education, they are expected to further increase the employment rate and positively impact the country's GDP.
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The purpose of health and safety is to protect your workers, sub-contractors, customers and members of the public when they are involved with your business. You have a duty of care under the Health and Safety at Work Act 1974 but more than that, it's good business practice to adhere to health and safety laws.
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