Budget 2024 | Mindful Investments: Assessing the Budgetary Needs of the Mental Health Industry
By Rajat Goel
India, with its staggering population and diverse demographics, is facing an urgent and substantial mental health crisis that demands immediate attention. The pervasive nature of mental health disorders, spanning depression, anxiety, bipolar disorder, schizophrenia, and substance use disorders, has surged to alarming levels nationwide, affecting individuals from all walks of life. The most recent survey conducted by India’s National Institute of Mental Health and Neurosciences (NIMHANS) highlights a sobering statistic: nearly 150 million Indians require mental health care services, yet only a fraction, less than 30 million, actively seek assistance. Beyond personal suffering, untreated mental disorders cast a shadow on daily functioning and impose substantial social and economic costs. A study by the World Health Organization (WHO) emphasizes the scale, projecting the economic toll of mental health disorders in India to be a staggering US$ 1.03 trillion.
Despite the escalating data highlighting the rise in mental health issues, the allocation by India’s Health Ministry in 2022 towards addressing psychological illnesses was less than 1% of the budget. As the nation grapples with this critical health challenge, the forthcoming announcement of the interim budget on February 01 by Union Finance Minister Nirmal Sitharaman has heightened anticipation within the mental health industry. Stakeholders are eagerly awaiting measures that will further fortify the nation’s mental wellness initiatives and provide the necessary resources to confront this pressing concern head-on.
Strengthening Mental Health Workforce
A critical deficiency in mental health professionals plagues India, with merely 0.3 psychiatrists, 0.07
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