Budget 2023: Developments in the healthcare and metal industry

Here is what the union budget has offered for the healthcare and metal industry.

Finance Minister Nirmala Sitharaman, on Wednesday, February 01, 2023, announced during the Union Budget session of 2023 the upcoming development in the Healthcare and Metal sector and informed the house that around 157 new nursing colleges are to be established in the core locations across the country this will make quality care accessible to a larger population.

The budget also focuses on launching a new program to promote research in the pharmaceutical space. Facilities in selected ICMR labs will be made available for research by public and private medical faculties.

100 laboratories will also be set up to create 5G-driven applications for healthcare and other industries, opening up a wide range of new options, business models, and job opportunities.

The government also has declared their focus on screening for and curing sickle cell anaemia across the nation which seems to be a positive move and around 7 crore people under the age of 40 will be examined for sickle cell anaemia as it will aid in addressing the endemic haematological illnesses like anaemia that are prevalent among the nation's indigenous inhabitants.

In the healthcare index, the stocks that rallied today after the announcement are, Biocon Limited, Cipla Limited, and Divi’s Laboratories Limited.

In the metal space, to facilitate the availability of raw material, an exemption has been declared from basic customs duty on raw materials for manufacturing Cold Rolled Grain Oriented (CRGO) steel, ferrous scrap and nickel cathode.

Similarly, to assure the availability of raw materials for secondary copper producers, who are mostly in the MSME sector, the concessional Basic Custom Duty of 2.5% on copper scrap is also being maintained. This step taken by the government will help metal companies to bring down their costs.

Some of the companies that were Top Gainers in the metal index today after the budget announcement are Jindal Steel and Power Limited, Jindal Stainless Limited, Tata Steel and JSW Steel.