The phrase, 'a diamond in the rough' is an old Renaissance idiom that refers to something (or someone) with great potential but unimpressive at first glance. However, with the right refinement and exposure, it reveals its brilliance and mesmerizes others with its sparkling glory.
The ancient Indian treatments grouped today under the nomenclature of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy) present a similar tale of 'a diamond in the rough.' After staying low-profile for several decades after India's independence, the sector is exhibiting strong potential for recognition and growth.
According to a research report on the Ayush sector by the Forum on Indian Traditional Medicine (FITM) under Research and Information System for Developing Countries (RIS), the size of the Ayush market stood at $18.1 billion (Rs 1,49,451 crore) in 2020, growing from $2.85 billion (Rs 23,532 crore in 2014-15.
According to a report by the Research and Information. System for Developing Countries (RIS), 'Ayush Sector in India: Prospects & Challenges, the global market size of the herbal sector was about $657.5 billion (Rs 54,28,977 crore) in 2020. The total Ayush export of India has increased from $1.09 billion (Rs 9,000 crore) in 2014 to $1.54 billion (Rs 12,715 crore) in 2020. Another agency, Mordor Intelligence, estimates that the AYUSH industry in India is expected to reach Rs 1,82,400 crore by 2028, growing at an 8.6 percent CAGR from Rs 62,600 crore in 2022.
Role of the government
The AYUSH sector in India has undergone significant transformation in recent years, thanks to a series of well-thought-out policy-level decisions. These decisions have propelled the AYUSH sector into the limelight and fostered its growth within the broader healthcare landscape. Industry experts share their insights into these pivotal policy changes.
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