Tie-up key for Swasth Bharat

S INDIA CHARTS its course to become a developed nation; healthcare will have to emerge as a fundamental cornerstone of progress.

- Barnik Chitran Maitra Private equity investor and founding managing partner of Chrysalis Equity Ventures

The Covid-19 pandemic was a stark reminder of our fragile healthcare infrastructure, highlighting the need for a robust, responsive system. While the public sector has been the traditional custodian of national health, a quiet revolution driven by private enterprise is reshaping India's healthcare capabilities.

We must fully value the role of the private sector in healthcare at this stage and build around it. Not doing so will mean misdiagnosing the ailment and prescribing wrong cures for building a "Swasth Bharat, Viksit Bharat" (healthy, developed India).

India's public healthcare spending, languishing at 2% of GDP, falls significantly short of the global average and trails behind fellow developing nations, creating a chasm between demand and supply. This chronic underinvestment in public healthcare has left a void that the private sector has been bridging. Private providers account for a staggering 70% of all healthcare services, 80% of outpatient care, and nearly 60% of inpatient care. These aren't just statistics; they represent millions of lives touched and families secured.

Private capital boosted healthcare The post-pandemic landscape, marked by heightened health awareness, rising incomes, and wider insurance penetration, has only amplified the demand for quality care. The market is responding with vigour, with the hospital sector projected to grow at a robust 10–11% annually over the next three-five years. The engine for this expansion is primarily private capital. Forecasts from agencies like CRISIL and ICRA, which anticipate over ₹44,000 crore in investments to add nearly 35,000 beds in the coming years, signal a nation-building exercise financed by private capital and driven by local entrepreneurial spirit.