Budget expectations for the Ayurveda industry in 2024

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Budget expectations for the Ayurveda industry in 2024
01-Feb-24 05:13:46

The increased budget is likely to fund research projects aimed at creating innovative Ayurvedic medicines and treatment approaches

Over the past five years, the Ayurveda industry has witnessed a surge in attention and budget allocation to the Ministry of Ayurveda. In the fiscal year 2022-23, a substantial budget of Rs 3050 crore underscored the government’s commitment to fostering Ayurveda research and development (R&D), preventive care medicine, and facilitating the entry of contemporary brands through grants and tax concessions. This positive trend is anticipated to persist in the upcoming fiscal year, with a targeted focus on promoting innovation and expanding the industry’s global presence through export initiatives.

Continued Emphasis on R&D and Preventive Care:
Expectations for the upcoming budget include sustained support for Ayurveda R&D initiatives, further strengthening the industry’s scientific base. The increased budget is likely to fund research projects aimed at creating innovative Ayurvedic medicines and treatment approaches. Additionally, an emphasis on preventive care is expected, aligning with the rising awareness and preference for comprehensive healthcare solutions.

Facilitating Entry for New Age Brands:
The government’s commitment to fostering innovation in the Ayurveda sector is evident in its efforts to support new-age brands. Budget expectations encompass provisions for grants and tax relief to encourage innovative companies’ entry into the Ayurveda space. This proactive approach seeks to create a dynamic ecosystem that integrates traditional wisdom with modern advancements, addressing the evolving healthcare needs of the population.

Export Promotion for Ayurveda Products:
Acknowledging the global demand for Ayurveda products, the government is likely to allocate a higher budget to promote exports in the Ayurveda industry. This initiative not only aligns with the ‘Make in India’ vision but also positions Ayurveda as a key player in the global wellness market. The increased budgetary allocation is expected to support marketing, quality certifications, and infrastructure development to enhance the industry’s export capabilities.

Infrastructure Development and Skill Enhancement:
To fortify the Ayurveda industry, there may be provisions for infrastructure development and skill enhancement in the budget. This could include investments in research facilities, manufacturing units, and training programs for practitioners. By strengthening the industry’s foundation, the government aims to ensure sustainable growth and competitiveness on both domestic and international fronts.

Encouraging Public-Private Partnerships (PPPs):
Budget expectations for 2024 may underscore the significance of public-private partnerships (PPPs) in propelling the Ayurveda sector forward. Collaborations between the government and private entities could lead to the establishment of innovation hubs, research centres, and knowledge-sharing platforms, fostering a collaborative environment for the industry to flourish.

As the Ayurveda industry continues to gain prominence, the budget expectations for 2024 reflect a strategic commitment to its growth and development. The envisioned budget is anticipated to propel R&D, support new-age brands, promote exports, enhance infrastructure, and encourage collaborative efforts. With these measures in place, the Ayurveda industry is poised to play a pivotal role in shaping the future of healthcare, blending tradition with innovation for holistic well-being.