Ayush industry grew from $2.85 to $18.1 billion – study
As per the research report on Ayush Sector by Forum on Indian Traditional Medicine (FITM) under Research and Information System for Developing Countries (RIS), the market size of Ayush industry is US$ 18.1 billion (INR 1,49,451 Crore as per current INR-Dollar rate) in 2020 whereas it was US$ 2.85 billion (INR 23,532 Crore as per current INR-Dollar rate) in 2014-15 (Goraya and Ved).
The Ministry has developed a Central Sector Scheme for Promotion of International Co-operation in Ayush (IC Scheme) under which Ministry of Ayush provides support to Indian Ayush Manufacturers/ Ayush Service providers to give boost to export of Ayush products & services; facilitate International promotion, development and recognition of Ayush system of medicine; foster interaction of stakeholders and market development of Ayush at international level; promote academics and research through establishment of Ayush Academic Chairs in foreign countries and holding training workshop/symposiums for promoting and strengthening awareness and interest about Ayush Systems of Medicine at international level.
The Ministry of Ayush in cooperation with Ministry of Commerce and Industry has set up an Ayush Export Promotion Council for medicines and products of Ayurveda, Homoeopathy, Siddha, Sowa Rigpa and Unani systems and services of the Ayush systems.
As per the report of Research and Information System for Developing Countries (RIS), on ‘Ayush Sector in India: Prospects & Challenges’, the global market size of the herbal sector was estimated at US$ 657.5 billion (INR 54,28,977 Crore as per current INR-Dollar rate) in 2020. In terms of overall exports, the total Ayush export of India has increased from US$ 1.09 billion (INR 9,000 Crore as per current INR-Dollar rate) in 2014 to US$ 1.54 billion (INR 12,715 Crore as per current INR-Dollar rate) in 2020.
Ministry of Ayush has taken the following steps to push exports globally: –
- Ministry has signed 24 Country to Country MoUs for Cooperation in field of Traditional Medicine and Homoeopathy with foreign nations.
- 40 MoUs have been signed with international institutes for undertaking Collaborative Research / Academic collaboration.
- 15 MoUs have been signed with international institutes for setting up of Ayush Academic Chairs in foreign nations.
- Ministry of Ayush has provided support for establishment of 39 Ayush Information Cells in 35 foreign nations.
- The “Ayush Export Promotion Council” has been registered under section 8(4) of the Companies Act 2013 on 04.01.2022 under the Ministry of Ayush in support of the Ministry of Corporate Affairs to tackle the obstacles for registration of Ayush products abroad, undertaking of market studies and research activities abroad.
- MoUs have been signed with London School of Hygiene & Tropical Medicine (LSH&TM), UK and Frankfurter Innovationszentrum Biotechnologie GmbH (FIZ), Frankfurt Germany for clinical research studies on mitigation of Covid-19 through Ayurveda.
- WHO-GMP (COPP) has been given to 31 Ayurvedic Drug manufacturers to facilitate the export of Ayurveda, Siddha, and Unani & Homoeopathy Drugs.