New Delhi: India has exported around Rs. 2,425 crore worth of Ayurveda and herbal products while imported around Rs. 285 crore worth of products in this category during the first six months of the current fiscal year. India’s trade surplus in the sector has registered a 12.3 per cent annual growth from FY 21 to FY 23.
The trade surplus for the sector during the first six months of the current fiscal year is around Rs. 2,140.3 crore.
The exports from April to September, 2023 is more than half of the total exports of Ayurveda and herbal products during the 12 months of the previous fiscal year, showing a continuation of the growth trend during the current fiscal year, according to data from the Ministry of Ayush.
As per data from the DGCI&S, India’s exports of Ayurveda and herbal products recorded an annual growth rate (CAGR) of 12.4 per cent during FY21 to FY23, to reach Rs. 5,014.3 crore in FY23, up from Rs. 3,967.4 crore in FY21.
Meanwhile, India’s import of Ayurveda and herbal products stood at Rs. 753.8 crore in FY23, increasing from Rs. 590.7 crore in FY21, and recording a CAGR of 13 per cent during this period, said the Ministry.
Consequently, India’s trade surplus in Ayurveda and herbal products has also increased from Rs. 3,376.7 crore in FY21, to Rs. 4,260.5 crore in FY23, registering a CAGR of 12.3 per cent.
“In terms of key markets, the USA is the largest destination for India’s exports of Ayurveda and herbal products, accounting for a share of 27.4 per cent in India’s total exports of Ayurveda and herbal products in FY23. Other top export destinations for Ayurveda and herbal products in FY23 include Germany (share of 9.2 per cent), Italy (4.6 per cent), China (4.3 per cent), and the UAE (4.3 per cent), among others,” said Union Minister of Ayush Sarbananda Sonowal recently in the Parliament.
Commenting on the ongoing efforts by the Ministry to promote exports, he said that to further the global recognition of Ayush systems of medicine, the Ministry has developed the central sector scheme for the Promotion of International Cooperation for Ayush.
Under this scheme the Ministry provides support to Indian Ayush drug Manufacturers/Ayush Service providers for the export of Ayush products and services.
The Ministry also facilitates the interaction of stakeholders and market development of Ayush at the international level, promote academics and research through the establishment of Ayush Academic Chairs in foreign countries, and holds training workshop/symposiums for promoting and strengthening awareness and interest about Ayush Systems of Medicine at international level.
Besides, the Ministry has encouraged and facilitated the establishment of Ayush Export Promotion Council (AYUSHEXCIL) to promote the export of Ayush products and services, added the Minister.
It is engaged in multilateral cooperation on Traditional Medicine with forums such as Shanghai Cooperation Organisation (SCO), Association of Southeast Asian Nations (ASEAN), Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), G20 etc.
The initiatives taken by the Ministry has led to establishment of India-EU Technical Working Group (TWG) on Ayurveda, and an Expert Working Group (EWG) on Traditional Medicine under SCO. The Ministry organised a B2B meeting under SCO and a conference of ASEAN countries in 2023.
It has also participated in various trade agreements and bilateral trade meetings by the Ministry of Commerce. The bilateral cooperation with various countries led to the signing of the Memorandum of Understanding (MoUs) for cooperation in the field of traditional medicines to promote the greater demand and recognition for Ayush system of medicine. This include signing of MoUs with 24 countries for Cooperation in field of Traditional Medicine and Homoeopathy with foreign nations, 47 MoUs with international institutes for undertaking Collaborative Research/Academic collaboration, and 15 MoUs with international institutes for setting up of Ayush Academic Chairs in foreign nations, added the Ministry.
