Medicinal Plants Essay

India owns most diverse cultural traditions in the use of medicinal and herbal plants. The Indian System of Medicine has reportedly identified 1500 medicinal and herbal plants, of which 500 are mainly used in the preparation of medicines. Recent Export-import study showed that there are 880 medicinal and herbal plant species involved in all-India trade. Of this, 48 species are exported and about 42 spices are imported. Another survey conducted by the Ministry of Environment and Forests, government of India, reveals that there are over 8000 species of medicinal and herbal plants grown in the country. The government of India has set up a national-level body, namely, National Medicinal Plants Board (NMPB), under the aegis of Ministry of Health

According to the report, the major importers of medicinal plants are the European Union, Russia and USA. The major exporters, on the other hand, comprise China, India, Japan and Russia. India is the largest exporter, next only to China, accounting for about 13 per cent of the global exports. USA is the principal market for Indian medicinal plants, accounting for 50 per cent of exports. The study estimates the value of traded medicinal plants in the domestic market at Rs 384 crore in the year 2001. It outlines three pronged strategies for the development of medicinal plants in the country. These include conservation, resource management and evolving of export promotion strategies for achieving breakthrough in exports of knowledge- based products. If such strategies are adopted, the sector, it says, has the potential to increase its exports to a level of Rs 1750 crore by 2006-07 and to cross Rs 2500 crore by 2009-10. India is a virtual trove of plant species. Despite substantial pace of growth in the medicinal plants, India’s share in the world market of medicinal plants is merely 2.5 per cent. The export market is growing faster than the domestic market. However, exports are being made in the form of plants or their parts, and not as value-added