The Indian herbal industry is geared up to achieve a target of Rs.10, 000 crore foreign exchange annually from the exports of herbal medicines and raw materials by the end of year 2005.
For this, the Union Ministry of Health & Family Welfare, in association with various concerned agencies are chalking out strategies, and the National Medicinal Plants Board would play a pivotal role in realizing the target, said A. Raja, Union Minister of State for Health & Family Welfare in Chennai, while inaugurating the Herbal Expo & Seminar 2003 at the Chennai Trade Centre.
He noted that the global herbal market is pegged at a whopping US $ 80 billion, and is growing annually at a rate of 30 to 40 percent. Of this, India's share is currently way below at less than 2%, and even China has cornered a share of about 20%. The domestic Ayurveda, Siddha and Unani medicine manufacturers and exporters have immense export opportunities worldwide and they should explore all ways to tap the markets, said the Minister.
Inaugurating the exhibition, C.H.Vidyasagar Rao, Union Minister of State for Commerce, said the country should leverage from its rich heritage and tradition, and our natural wealth have to be properly utilized to reap the benefits.
L.V.Saptharshi, Additional Secretary, Ministry of Commerce, said India have not explored exports in areas like organic products, herbal and forest produce mainly because of the lack of information systems, tools and technology, and an integrated global marketing strategy. The Indian herbal industry should stress to develop sound marketing and production base, timely supply chain and delivery and should adhere to the ever-changing market demands. In this era of free trade barriers, standard and quality are very important, and the necessary back end support to the industry have to provided by the Government and NGOs in the field.
T.C.Venkat Subramanian, Managing Director & CEO of Exim Bank noted that around 8000 species of herbs have been identified in ten various bio geographic zones, of which, 1800 have been properly documented with elaborate biological properties. This itself shows the potential for India in the world herbal market, and multi-pronged integrated strategies have to be developed to improve medicinal plant cultivation, farming techniques, quality control, marketing techniques, research and development etc.