The Export-Import Bank of India has agreed to provide loans to fund the setting up of common infrastructure facilities at Sriperumbudur, near Chennai, which will help boost exports of ayurveda, yoga and naturopathy, unani, siddha and homeopathy products from India.
The producers of these ‘AYUSH’ products have set up a common company, Traditional Ayush Cluster of Tamil Nadu Pvt Ltd (TACT), which is eligible for support from the government of India under the ‘cluster company’ scheme.
With the funding from Exim Bank, the cluster company will set up hi-tech facilities for testing and analysis, product validation, safety studies and manufacturing. Apart from upgrading the manufacturing technology of ayurvedic drugs, a facility is also being developed for entrepreneurs to help them compete in the international market and to develop a R&D centre, especially for Siddha and Ayurveda products.
The loan agreement was signed recently by Prabhakar Dalal, Executive Director, Exim Bank and V. Dharmalingam, Chairman, TACT, in Chennai.
“The support from Exim Bank will enable us to meet the basic standards and scientific protocols, thereby enhancing acceptability of our products internationally,” says Dharmalingam.
Tamil Nadu has 900 units in the ‘Indian Systems of Medicine (ISM)’ sector, and accounts for 7 per cent of the overall turnover of the industry.
Dharmalingam notes that the ISM products have good export potential but it is imperative for manufacturers to validate their products and processes by adopting modern, good manufacturing practices.