New Delhi: Exports of Ayush and herbal products for the first six months of the current fiscal has reported a 10.34 per cent growth, as compared to an almost stagnant exports reported in the same period of previous fiscal year.
According to data from the Ministry of Commerce and Industry, exports of Ayush and herbal products during the first six months of the fiscal year ended September 30, 2024, stood at $345.34 million, as compared to $312.97 million in the same period a year ago.
The exports during the first half of fiscal 2023-24 was a 0.05 per cent growth compared to the $312.82 million reported in the same period of FY23.
In rupee terms, the exports grew around 12 per cent during the six months ended September, 2024, at Rs. 2,886.7 crore as compared to Rs. 2,579.7 crore during the same period last year.
In terms of quantity, the exports grew almost 21 per cent to 61,171.8 MT as compared to 50,306.6 MT a year ago.
The exports during the second quarter from July to September, 2024, grew 8.8 per cent to $170.54 million compared to $156.7 million registered in the same period of previous fiscal year. In rupee terms, the growth was 10.3 percent at Rs. 1,428.4 crore during the quarter, as against Rs. 1,295.3 crore in the corresponding quarter a year ago.
Quantity of exports grew almost 20 per cent to 29,894.6 MT compared to 24,952.1 MT during the comparable period, according to the data.
Exports during the first three months of the fiscal, ended June, 2024, grew 12.3 per cent at $174.80 million, as compared to $155.72 million in the same period a year ago.
As reported earlier, India’s export of Ayush and herbal products has reported a growth of 3.6 per cent during the fiscal year 2023-24, at $651.17 million as compared to the same period of previous year, registering a below-five per cent growth for the second consecutive year.
The country reported exports of 10.63 crore kilograms of Ayush and herbal products during 2023-24, as compared to 12.25 crore kilograms of exports during the previous year.
In terms of value, it has gone up from $628.54 million in 2022-23. The year 2022-23 registered a growth of 2.68 per cent in exports, from $612.12 million in the previous year.
Ayurveda is recognized as a system of traditional medicine in more than 30 countries and Ayush and herbal products or medicines are exported to more than 150 countries, said the Ministry of Ayush in a recent report by the Ministry on the growth of the sector from 2014 to 2024.
According to Invest India, the National Investment Promotion and Facilitation Agency, India exports Ayush products to markets such as the USA, Nepal, Russia, Philippines, UAE, Kenya, Germany, Vietnam, China, Italy, the UK, Western Europe, Japan, Hong Kong etc,.
The Ministry of Ayush has established Ayush Export Promotion Council (Ayushexcil) to promote Ayush products and services globally by the Ministry of Ayush and supported by the Union ministry of commerce. It was officially launched at Global Ayush Investment and Innovation Summit held in Gandhinagar, Gujarat on April 20, 2022, and aimed to oversee exports of products of Ayurveda, Homoeopathy, Siddha, Sowa/Rigpa and Unani systems and address trade issues pertaining to these sectors.
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