According to a Finance Ministry press release, between FY18 and FY24, expenditure on health grew at a CAGR of 15.8%.
India’s expenditure on healthcare has increased from 1.4% of GDP in FY18 to 1.9% in FY24. Healthcare expenditure in FY24 was Rs 5.85 lakh crore, up from Rs 2.43 lakh crore in FY18, a growth of 140.7%. Apart from this, the Economic Survey 2023-2024 states that social security expenditure on health increased to 9.3% in FY20 from 5.7% in FY15.
Among Asian countries, India has recorded the highest medical inflation rate. In the year 2021, it was 14%, while it was 12% in China, 10% in Indonesia, 10% in Vietnam and 9% in the Philippines.
