Patanjali’s credibility crisis: A knock-on effect on the booming Ayush market?
companies making exaggerated claims about their wellness products. These are indeed welcome developments. The Patanjali order involves a case between the Indian Medical Association (IMA) and the Union of India where the former alleged that Ramdev had made statements labelling allopathy as “stupid and bankrupt science".
The IMA argued that there had been a serious, blatant, and wilful violation of laws, leading to the court-mandated apology. This controversy has broader implications for the Ayurveda industry. According to data from the ministry of Ayush, which regulates the traditional system of medicines in India, the domestic market size is estimated at $43.4 billion.
This market is not only massive but also has the potential to expand fast. The global market size for herbal products is estimated at $657.5 billion. Besides, Ayush exports from India, including merchandise and services, were at $1.54 billion in FY20.
Recognizing this potential, the Indian government has offered a huge range of support to the sector through several modes. The Ayush Export Promotion Council, for instance, set up in 2022 helps tackle the obstacles for the registration of Ayush products abroad. The ministry has signed 24 agreements with various countries for cooperation, including another 40 with international institutes for undertaking collaborative research.
Prime Minister Narendra Modi has himself on several occasions made laudatory references to the sector and highlighted its potential. All of these have had a salutary effect. The market for Ayush products from India has begun to build up.
Read more on livemint.com
