India's Nutraceutical Industry poised for Global Growth with Supportive Initiatives (See 'Corp Brief') Insights on application of AI in governance & administration discussed (See 'Corp Brief') DFS Secretary reviews credit disbursement to agri-allied sector by PSBs (See 'Corp Brief') Arbitration - When 'award' is made by Facilitation Council / Tribunal by exercising jurisdiction vested in it, however erroneous 'Award' may be, same has to be challenged only by invoking Sec 34: HC (See 'Legal Desk') Satcom is bringing Digital India to every household: MoS (See 'Corp Brief') MeitY, NIXI & ICANN host conference to boost Indian participation in new gTLD program (See 'Corp Brief') CPC-Non- attestation of affidavit cannot make first filing as non-est, it is merey irregularity that was capable of being cured and cannot be treated as fatal to the institution of the suit: HC (See 'Legal Desk') CCI okays acquisition of shares of STT GDC Pte. Ltd by Ruby Asia Holdings II Pte. Ltd. & Singtel Interactive Pte. Ltd. (See 'Corp Brief') Proba-3 - India to launch EU's solar observatory satellite in Dec; Govt hails Indo-EU space partnership (See 'Corp Brief') ISA releases World Solar Report series (See 'Corp Brief') Misc - There is no violation of procedure on part of management in terminating services of employee, if employee had accepted one month salary in lieu of notice, as per appointment letter: SC (See 'Legal Desk') Indo-Kazakh JV set up; IREUK Titanium Ltd to produceTi Slag in India (See 'Corp Brief') Ministry of Tourism participates in World Travel Market in London (See 'Corp Brief') PMLA-Order imposing penalty for failure to carry out statutory obligation will not ordinarily be imposed unless party obliged either acted deliberately in defiance of law or was guilty of conduct: HC (See 'Legal Desk') ISA selects Ashish Khanna as new DG (See 'Corp Brief') GeM launches 170 Seed Categories on portal (See 'Corp Brief') Arbitration-Forfeiting bid amount is permitted when bidder refuses to perform work as per terms and withdraws contract too: HC (See 'Legal Desk') Coal Minister lauds CIL's People Centric PLI Scheme for Contractual Workers (See 'Corp Brief') SAIL signs MoU with ASCI Hyderabad for academic collaboration (See 'Corp Brief') Prevention of Money Laundering Act,2002-Person who is under the age of 16 years or is woman or is sick, the Special Court may release on bail as per section 45 (1)(ii): HC (See 'Legal Desk') FCI and state agencies procure 85.41 lakh metric tonne of paddy in Punjab (See 'Corp Brief') Cr PC -Application for bail has been filed by accused even though statutory period is not mentioned court may still look into Application and consider whether petitioner is entitled to bail or not: HC (See 'Legal Desk') Coal India Steps into 50th Year (See 'Corp Brief') RTI Act-PIO is not required to furnish information where clarity is needed in interpretation of information: IBBI (See 'Legal Desk') Robust growth in production of Key Minerals and non-ferrous Metals in H1 (See 'Corp Brief') Arbitration and Conciliation Act,1996-Scope of Section 9 of Act of 1996 does not exist for the appellant for agitation if arbitration award has already been passed: HC (See 'Legal Desk') BSNL accelerates Swadeshi 4G Rollout (See 'Corp Brief')

Print

India's Nutraceutical Industry poised for Global Growth with Supportive Initiatives

Published: Nov 07, 2024

By TIOLCorplaws News Service

NEW DELHI, NOV 07, 2024: THE global nutraceutical market is currently estimated at around USD 400 billion, blending the fields of food, pharmaceuticals, and biotechnology. India stands out as a key player, supported by its rich heritage of traditional knowledge, especially in Ayurveda, and a unique ecosystem that fosters growth in this sector. However, India's share remains under 2% globally, primarily due to a lack of defined industry classification within Indian ministries, limiting targeted sector support.

Recognizing the sector's immense potential, the Council of Scientific and Industrial Research (CSIR) constituted a Nutraceutical Sector Task Force (TF) in November 2021 under the chairmanship of the Principal Scientific Adviser to the Government of India. This Task Force includes representatives from various ministries, including the Department of Commerce, the Department of Pharmaceuticals, the Food Safety and Standards Authority of India (FSSAI), the Ministry of AYUSH, and the Ministry of Food Processing. The TF also includes significant industry representation, ensuring that industry concerns and challenges are directly addressed. The Task Force's mandate includes proposing policy measures to address challenges and drive initiatives toward the “Harmonized System of Nomenclature” and other international standards.

Key advantages for India in the nutraceutical industry include:

A longstanding history in health science, especially Ayurveda, offering unique traditional knowledge.

The presence of 52 agroclimatic zones, making India ideal for cultivating medicinal plants.

A robust hub of over 1,700 medicinal plants, including globally recognized curcumin, bacopa and ashwagandha, awaiting modern scientific validation.

Expertise in pharmaceutical formulation, influencing high-quality nutraceutical standards.

A thriving startup ecosystem and a growing number of successful nutraceutical companies catalysing sectoral growth.

The TF's initiatives have led to significant advancements, including:

Introduction of HSN Codes: Development of the first-ever Harmonized System of Nomenclature codes for streamlined trade.

PLI Scheme: Creation of the first-ever Production-Linked Incentive (PLI) scheme for nutraceuticals.

Nutraceutical Industry Panel: Formation of a dedicated nutraceutical industry panel under SHEFEXIL (Shellac & Forest Products Export Promotion Council) to enhance regulatory and export support.

Compliance and Export Initiatives: SHEFEXIL has recommended nutraceuticals remain classified as food products under FSSAI's jurisdiction. Additionally, nutraceutical exporters are now included in the Remission of Duties and Taxes on Export Products (RoDTEP) Scheme, aligned with the Biodiversity Act 2023, to offset export costs and ensure EU compliance.

India has also prioritized infrastructure support, with nutraceutical incubation hubs and centers of excellence. NIFTEM-Kundli, Centurion University, and AIC-CSIR-CCMB have developed hubs fostering innovation, while the Kerala government inaugurated the first government-backed Nutraceutical Centre of Excellence in 2024.

Through the Department of Commerce, India has showcased its nutraceutical strengths at global trade fairs, enhancing visibility and forging connections with international stakeholders. The collaboration between the Task Force and the Central Board of Indirect Taxes and Customs (CBIC) is working toward a unique HSN code to streamline exports and simplify customs procedures.

With these strategic initiatives, India's nutraceutical sector is set for unprecedented growth. India aims to position itself as a global leader in nutraceuticals, combining traditional knowledge with modern science to attract global partnerships and investments.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.