The government is eyeing a three-fold increase in the AYUSH sector by 2022.
AYUSH stands for traditional systems of medicine and healthcare such as Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy.
"The Indian domestic market of AYUSH is estimated to be Rs 500 crore, while exports amount to Rs 200 crore. Young Indian entrepreneurs planning a start-up could find a lot of opportunities in holistic healthcare," Prabhu said.
Addressing the conference on wellness, Arogya 2017, here, the commerce and industry minister said the government will be happy to work with all countries to create a good proposition wherein knowledge of traditional medicine can be transmitted to people, whereby a win-win situation can be developed.
He pointed out that the government has allowed 100 per cent foreign direct investment (FDI) in AYUSH, and highlighted the need for stakeholders to pool in their resources to harness the sector's vast potential.
"With a wealth of 6,600 medicinal plants, India is the second largest exporter of AYUSH and herbal products in the world. We now have the opportunity to mainstream the Indian system of medicine and integrate the AYUSH infrastructure into Indian healthcare system," Prabhu said.
The secretary in the AYUSH ministry, Vaidya Rajesh Kotecha, said the ministry is committed to increasing the size of AYUSH sector three-fold in the next five years.