This paper analyses the ethical considerations using the stakeholder theory on two specific domains of the newly implemented ‘Ayushman Bharat-Pradhan Mantri Jan Arogya Yojna ’ scheme by the Government of India. The paper recommends a solidarity-based approach over an entitlement based one that focuses on out-of-pocket expenses for the most vulnerable and a stewardship role from the private sector to ensure equity, accountability, and sustainability of PM-JAY scheme.