Export of evidence-based wellness services: An opportunity to actualize India's demographic dividend

Abstract

India's demographic dividend offers a critical opportunity to drive sustained economic growth over the next three decades, driven by increasing its share in global trade. Up until 1700, India had a thriving industrial manufacturing economy, producing about 25 % of the world's industrial output, making it the most important manufacturing centre in international trade. Based on recent trends, we argue that the service sector presents considerable growth potential. Within the service sector, despite a small share currently, the healthcare and wellness demonstrate particular promise. Leveraging India's vast pool of trained professionals and its established expertise in traditional systems of medicine, notably AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy), suitable governmental initiatives are needed based on a strategy and a road map to incentivize exporters, get international recognition of Indian certifications, particularly by developed nations. This is essential for the growth of the export of wellness services from India, but can also help reduce the burgeoning healthcare costs, inequity and address the needs of ageing populations in developed countries.