Government Initiatives for Growth
The Government of India recognises the vast potential of the nutraceutical industry and has initiated several key programmes to foster its growth. These initiatives encompass regulatory measures, promotion of traditional medicinal systems, support for research and development, and incentives for startups in the nutraceutical sector.
● Regulatory Framework: The Food Safety and Standards Authority of India (FSSAI) has introduced stringent regulations and guidelines for nutraceutical products to ensure their safety and efficacy, instilling confidence in both consumers and industry players.
● Promotion of Traditional Medicines: The government is actively promoting traditional medicine systems like Ayurveda, Siddha, and Unani. This includes substantial research and development efforts to validate the efficacy of traditional remedies, seamlessly integrating them into mainstream healthcare.
● Research and Development: Various government institutions and research organisations are engaged in extensive research related to nutraceuticals, focusing on the nutritional and therapeutic properties of indigenous plants and herbs.
● Startup Support: The government's initiatives include programmes and incentives aimed at nurturing startups in the nutraceutical sector. This support has led to the emergence of innovative products and formulations.
● Global Market Reach: India is actively promoting the export of nutraceutical products to international markets. This not only augments the industry's revenue but also elevates the country's reputation as a source of high-quality nutraceuticals.
● Consumer Awareness: Collaborating with industry associations, the government conducts awareness campaigns to educate consumers about the benefits of nutraceuticals and their pivotal role in maintaining good health. ● Infrastructure Development: Investment in the development of infrastructure for the cultivation and processing of nutraceutical ingredients, particularly in regions rich in medicinal plants, is a notable government endeavour.