NEW DELHI: India’s share in the global herbal medicinal market is a miniscule 0.5 percent at $358.60 million, government informed the Lok Sabha, Economic Times Reports.
“Estimated global market is around $70 billion. As per available information, India’s export of AYUSH and value-added products of medicinal plants during 2015-2016 was $358.60 million,” Minister of State for AYUSH Shripad Yesso Naik said replying to a question in the House.
The ministry attributed India’s poor share to several factors including lack of financial support to the herbal and AYUSH industry, he said.
Another reason cited was lack of recognition of the AYUSH system of medicine internationally. Currently, it is recognised only in few countries like Sri Lanka, Nepal, Bhutan, Malaysia and Bangladesh, Naik said.
The ministry also rued the fact that there was a lack of awareness of international opportunities to export AYUSH products in different forms like dietary supplements, health supplements, neutraceuticals, among others.
Earlier this year, India signed an MoU with WHO to develop a global protocol for promoting traditional and complimentary medicines which will help Indian systems of medicine gain better acceptability internationally.