Expectations for the Ayurveda sector from the Union Budget 2021-22:
- GST waiver for products having the license to sell as Ayurvedic medicines which will pass on the benefits to the consumers through price cuts and also leads to increased consumption of Ayurvedic products
- Increase spends as aid/tax holidays for setting up world-class research facilities to promote new drug discovery in Ayurveda. When the Virus is new and the attack is unprecedented, we need new medicines and solutions to combat them. Supporting the private sector in such a way will see decreasing indulgence and reliance on imports of API’s and more focus on Indigenous Ayurvedic medicines in line with the Prime Ministers Atma Nirbhar Bharat Vision
- Encouraging medicinal plant cultivation and SOPs for large scale farming. India can be a powerhouse in this segment if planned and supported properly. Setting up the infrastructure to boost the employment of modern techniques in cultivation will result in quality Ayurvedic herbs available at the disposal of various manufacturers across the country. This will in turn support the farmers and the industry alike
- Seed fund for young Ayurvedic doctors and scholars to encourage research and new drug discovery. Research and new product development in Ayurveda are happening on a minuscule scale compared to those in modern medicine. The world is looking for safe and effective medicines from other systems of medicines and India and our Ayurvedic doctors as well as scholars can be the answer to that
- Just like how Indian Tourism is being promoted across the world, a budget allocation to promote Ayurvedic products across the world. This will open up newer markets for Ayurvedic products and more Forex for the country
- SOPs for Ayurvedic Industry to invest more on research, standardisation, clinical studies and documentation thereby making the Ayurvedic products more acceptable in developed countries
– Padma Shri Dr. J Hareendran Nair, Founder and MD, Pankajakasthuri Herbals India Pvt. Ltd.