Pre-budget expectation 2021: Dr J Hareendran Nair, Founder and MD, Pankajakasthuri Herbals India
GST waiver for products having the license to sell as Ayurvedic medicines 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 will promote new drug discovery in Ayurveda. We need new medicines and solutions to combat COVID-19. 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 Minister’s Atma Nirbhar Bharat Vision.
The government should encourage 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 in research, standardisation, clinical studies and documentation will make Ayurvedic products more acceptable in developed countries.
