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Medicinal and Aromatic Plants Cultivation in Bihar, India: Economic Potential and Condition for Adoption

Author

Listed:
  • Singh, K.M.
  • Jha, A.K.
Abstract
The MAPs provide opportunities for developing a variety of safe and cost effective, prophylactic, and curative medicines for a number of maladies. It is estimated that the primary health care of over 80 per cent of the world’s population still depends on plant based traditional medicines (WHO, 2002). Growing consciousness about health and side effects of modern medicines has again set the stage for innovation and use of herbal medicines. The global market for herbal products is continuously expanding and it is expected to touch the mark of US$ 5 trillion by the year 2050, from the US$ 62 billion in 2004 (Purohit and Vyas, 2004). Despite being a major player, the share of India in global trade of MAPs is merely 0.5 per cent, whereas the countries, like China exports plants and raw drugs, therapeutics and other MAPs worth Rs 18,000 crores annually. The MAPs provide opportunities for developing a variety of safe and cost effective, prophylactic, and curative medicines for a number of maladies. It is estimated that the primary health care of over 80 per cent of the world’s population still depends on plant based traditional medicines (WHO, 2002). Growing consciousness about health and side effects of modern medicines has again set the stage for innovation and use of herbal medicines. The global market for herbal products is continuously expanding and it is expected to touch the mark of US$ 5 trillion by the year 2050, from the US$ 62 billion in 2004 (Purohit and Vyas, 2004). Despite being a major player, the share of India in global trade of MAPs is merely 0.5 per cent, whereas the countries, like China exports plants and raw drugs, therapeutics and other MAPs worth Rs 18,000 crores annually. Formal bio-partnerships between certified farmers and Ayurvedic pharmaceutical companies, like Baidyanath Ayurved Bhawan, Patna; Ayurved Shri Herbals Ltd, Ahmedabad, Fragrance Herbs, Patna needs to be explored. The arrangement should ensure farmers with a guaranteed market and a fixed fair price for their harvest, in exchange for exclusive rights to the produce as the sole buyer. The other agencies like departments of Forest, Agriculture, Horticulture, Health and Family Welfare can come together to offer technical, market related and other input supply services to the various stake holders so that sector as a whole can grow and dependence on outside sources for primary health care is minimized. Use of farmer Interest Groups for dissemination of technology and market information can also be explored in the state.

Suggested Citation

  • Singh, K.M. & Jha, A.K., 2008. "Medicinal and Aromatic Plants Cultivation in Bihar, India: Economic Potential and Condition for Adoption," MPRA Paper 47091, University Library of Munich, Germany, revised 08 Apr 2008.
    • Handle: RePEc:pra:mprapa:47091
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    File URL: https://mpra.ub.uni-muenchen.de/47091/1/MPRA_paper_47091.pdf
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    Citations

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    Cited by:

    1. Singh, K.M., 2013. "Sustainable Agriculture: Potential and Strategies for Development," MPRA Paper 47418, University Library of Munich, Germany, revised 18 May 2013.
    2. Singh, K.M. & Singh, R.K.P. & Kumar, Abhay & Meena, M.S. & Shahi, Brajesh, 2015. "Agricultural Scenario and Strategies for Development: The Case of Bihar," MPRA Paper 67133, University Library of Munich, Germany, revised 08 Oct 2015.

    More about this item

    Keywords

    Medicinal Plant; Aromatic Plants; Adoption; Bihar;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices
    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry

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