World Bank grants $1 billion to India for health infrastructure.
From Livemint India news agency, the World Bank and the Government of India have signed an agreement for two additional loans worth $500 million to support the country’s healthcare infrastructure. The agreement was signed by Rajat Kumar Mishra, Secretary of the Indian Ministry of Economy and August Thanu Kwame, Director of the World Bank of India.
The World Bank emphasized in a statement that the Covid-19 pandemic makes the need for public access preparedness and health system strengthening all over the world even more important. The aim of these two projects is to increase the resilience and preparedness of India’s health systems against future pandemics.
India’s hospital industry, which accounts for 80% of the country’s healthcare business, is facing increasing demand from domestic and global investors. The Indian government predicts that the industry will grow from $61.8 billion in 2017 to $132 billion by 2023 at a compound annual growth rate (CAGR) of 16-17 percent.
The total funding of $1 billion (about Rs. 8,200 crore) will primarily support the Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) launched in October 2021.
These loans will prioritize the provision of health services in the seven states of Andhra Pradesh, Kerala, Meghalaya, Odisha, Punjab, Tamil Nadu and Uttar Pradesh. Along with national level programs, these loans aim to improve public health care infrastructure across India.
Improvement in Indian health
According to World Bank estimates, India’s life expectancy has improved over time, from 58 in 1990 to 69.8 in 2020, above the country’s average income level. In addition, the under-five mortality rate, infant mortality rate, and maternal mortality ratio are close to India’s average income level, indicating significant gains in access to skilled labor, immunizations, and other services. It is urgent.
