Increasing India's share in the USD 100 billion herbal medicine market, integrating ayurveda with health tourism besides wooing large-scale private investment will be discussed at a three-day global summit, beginning here Wednesday.
China's corners 85 per cent of the world herbal medicine market and India should aim for at least 25 per cent share, R Sathish, Director and Head Confederation of Indian Industry Kerala, and Joy Verghese T, Chief Executive officer, Confederation for Ayurvedic Renaissance (CAReKeralam) told reporters in the south Indian city.
India's export turnover in herbal medicine is presently Rs 4200 crore, with Kerala contributing Rs 500 crore.
At least 15 to 20 per cent growth is needed in this sector, they said, adding there was need to encourage private investment.
The ayurveda summit, being jointly organised by Confederation of Indian Industry, in association with Kerala government and Department of AYUSH, Government of India, will also be exploring ways to use IT to achieve extensive documentation of Ayurveda practices and a national data base.
Union Minister of state for Health and Family Welfare, S Gandhiselvan, state Health minister, P K Sreemathi, S Gopalakrishnan, CEO and Managing Director Infosys Technologies Ltd, and Deputy Chairman CII Southern Region, will be among those participating.
About 500 delegates, 100 of them from abroad, will also take part in the summit.