This paper analyses the trends in health infrastructure and manpower (HIM) indicators across Indian states and regions from 2006 to 2020 using a composite index. It assessed the financial factors impacting HIM nationwide, particularly in rural and tribal areas, through a panel regression model. The findings revealed that economically advanced states like Haryana and Maharashtra underperformed in health indicators, while disadvantaged states like Odisha and Rajasthan performed better. Smaller states delivered more effective healthcare services in rural areas. Low public health expenditure (PHE) was associated with lower composite index values and higher infant mortality rates in Bihar, Uttar Pradesh and Madhya Pradesh, with Kerala showing a notable reversal. The analysis indicated that increased per capita PHE was not linked to improvements in HIM across Indian states, including tribal regions. However, in rural areas, PHE as a percentage of gross state domestic product significantly enhanced HIM.