Mar 15: In view of the huge potential for growth and Export of AYUSH products and services across the globe, the Ministry of AYUSH in cooperation with Ministry of Commerce and Industry has proposed to set up an Export Promotion Council (AEPC) for medicines and products of Ayurveda, Homoeopathic, Siddha, Sowa Rigpa and Unani systems and services of the AYUSH systems. The Federation of Indian Chambers of Commerce & Industry (FICCI) has been given the responsibility as a Nodal agency for Ministry of AYUSH to coordinate with other Industry bodies and companies to develop a corpus for formation of AEPC as per the norms/ guidelines of the Ministry of Commerce.
The export of Ayurvedic products takes place under the Indian Trade Classification based on Harmonized System of Coding (ITCHS) through two HS codes-30039011 for medicants and 30049011 for medicaments. The export of products of Unani, Siddha and Homoeopathic systems takes place through HS codes – 30039012, 30039013, and 30039014 (medicants) and 30049012, 30049013, and 30049014 (medicaments) respectively. Most of the products of Ayurveda, Homoeopathic, Siddha, Sowa Rigpa and Unani systems, Herbal Products and Medicinal Plant products are not identified under specific HS Codes (International Harmonised Commodity Description and Coding System).
A Forum on Indian Traditional Medicine (FITM) in Research Information System for Developing Countries (RIS) has been established as a common platform for all stakeholders to contribute to policy making in the area and to develop a proactive strategy. In view of expansion of coverage of HS for products and medicinal plants and to come up with uniform classification system for AYUSH and Herbal products, Ministry of AYUSH has set up Task Force on expanding trade classification, quality control and standardization of Indian Systems of Medicine (ISM) and Herbal Products.
As per the recommendation of Task Force, Ministry of AYUSH has requested Central Board of Indirect Taxes & Customs, Department of Revenue, Ministry of Finance for allocation of new HS lines for ISM Products, Herbal Products and Medical Plants products.Disclaimer: We donot claim that the images used as part of the news published are always owned by us. From time to time, we use images sourced as part of news or any related images or representations. Kindly take a look at our image usage policy on how we select the image that are used as part of the news.