An Analysis of the Economics of Health in India: Prospects and Challenges

The Healthcare Industry in India is projected to reach 372 billion by 2022, and it is projected that by 2025 the government would spend almost 2. 5% of the GDP on provision of public health care. The requirement for capital investments in this sector is huge and at the same time there is a growing share of the labour force associated with this sector. The recent outbreak of the Coronavirus pandemic has indeed shaken the entire global economy, with India not being an exception. Undoubtedly India as a nation was able to withstand and brace strongly against the pandemic. However, it has led the authorities to seriously rethink and recalibrate the entire system. In this paper an attempt has been made to understand and analyze the following aspects 1) Overall growth prospects of the Health Care Sector and its contribution to the economy. 2) Employment of labour force in the Health Care sector in India. 3) Cost benefit analysis of Health Care Sector in India. 4) Policy Initiatives undertaken by the authorities to improve healthcare facilities in India. 5) The road ahead in terms of challenges and opportunities in the Indian Health Care Sector