EY: India Needs to Raise Health and Education Spending to Achieve Viksit Bharat Goal

A new EY report urges India to increase healthcare and education spending to meet its Viksit Bharat 2047 target.

- TBG NETWORK

India must significantly increase its spending on healthcare and education to achieve the goal of Viksit Bharat and become a developed nation by 2047, according to a report by EY.

The report suggested that the government should raise its expenditure on education to 6.5 per cent of GDP and healthcare to 3.8 per cent of GDP over the next two decades.

It said "Education spending by the government may need to rise to 6.5 per cent of GDP by FY2048 from its current 4.6 per cent".

At present, India's education spending stands at 4.6 per cent of GDP, while healthcare spending is much lower at 1.1 per cent as of 2021.

The report highlighted that to match the standards of high-income countries, India should raise its education spending to at least 4.8 per cent of GDP.