India’s expanding hospital infrastructure presents a paradox that policymakers can no longer afford to ignore. More hospitals, better diagnostic facilities and greater private investment have increased the availability of medical care. Yet for millions of families, access to treatment remains constrained by its cost. A healthcare system that expands capacity without ensuring affordability risks making medical progress an exclusive privilege. The consequences extend well beyond individual bills. When a serious illness forces families to exhaust their savings, sell assets or borrow heavily, healthcare becomes a source of economic insecurity. A cancer diagnosis or cardiac emergency can undo years of financial stability.

The burden is particularly severe for households without comprehensive insurance, for whom even routine procedures can involve difficult financial choices. India’s private healthcare sector has a legitimate case to make. Hospitals require substantial investment in buildings, equipment, skilled personnel and patient safety. Private capital, including foreign investment, will remain important in meeting the country’s growing demand for medical services. Regulatory intervention that ignores these costs could discourage investment, restrict capacity expansion and ultimately reduce access. But the argument for investment cannot become a........

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