The budget needs special focus on health and safety as these are the most important concerns of citizens and businesses today. Solving the problem created by the pandemic can revive the economy and create jobs. While vaccines and medication are necessary, they are not sufficient to tackle the current situation. Hence, the answer lies in health and safety technology getting equal focus as vaccine and medication.
First and foremost, there is a need for a regulation for air safety, similar to the one for fire safety for all the enclosed spaces. New standards and testing facilities need to be developed for new technologies and products to emerge. Funding for proof of concept, roll-out in government facilities to prove the efficacy and safety for various technologies shall provide impetus to the industry. Lower rate of GST for health and safety products shall further help spur demand. Credit facilities for approved start-ups needs to be handled differently by the banking segment without collateral needs. We have an opportunity to build a new industry and help India emerge as a world leader.
Views expressed by Alok Sharma, Founder & CEO, Shycocan Corporation