“In terms of the nutraceutical industry, 2021 witnessed ~15% growth in demand for nutraceuticals products in the domestic market and ~12% for exports. A similar trend is expected to continue in 2022.
The nutraceuticals industry in India is growing at a double-digit rate and the PLI scheme can be the catalyst to accelerate this growth. There is a need to focus on building an agri supply chain, robust research and development of infrastructure and encourage innovation at various levels. This is where the PLI scheme and a robust PPP model can contribute monetarily and non-monetarily at all levels of research, technology, and manufacturing. If the manufacturing activities pick up, the whole value chain will benefit. This will generate more employment, better the social quotient of the farmers, and in the longer run, will help retain the talent within India, especially the clinical research experts.
With little intervention, the government can encourage growth and empower the nutraceutical industry.
PLI scheme for the nutraceutical industry if carefully drafted with an integrated approach can significantly boost the agriculture sector too. Similarly, as compared to the pharma sector, Nutra products are taxed higher. We need to look at giving equal importance to the nutraceutical sector and bring more competitive taxations in line with the pharma products.
The industry is happy to work with the government and develop a scheme jointly. At the moment, this wish remains unfulfilled as there is no nodal ministry supporting the Nutraceuticals industry”.
Views expressed by Mr. Sanjaya Mariwala, Executive Chairman and Managing Director of OmniActive Health Technologies and Founder President of the Association of Herbal and Nutraceuticals Manufacturers of India (AHNMI)