What is the News
Union Minister of Rural Development & Panchayati Raj has inaugurated a training program on Sandalwood Farming & Management of its health. The program is structured around the basics & benefits of Indian sandalwood, seed handling, nursery techniques & managing the health of the plant.
What is Sandalwood?
Sandalwood is a class of woods from trees in the genus Santalum. The woods are heavy, yellow, and fine-grained, and, unlike many other aromatic woods. Further, they can retain their fragrance for decades.
Benefits: Sandalwood has several antibacterial, antibiotic & anti-cancer benefits amongst others. Hence, it finds its uses in pharmaceuticals, personal care & furniture.
Sandalwood and India: Sandalwood has been long associated with the Indian heritage & culture, as the country contributed 85% of the world’ sandalwood trade erstwhile. However, of late this has been declining at a fast rate.
Largest Growers of Sandalwood: Globally, India & Australia are the largest growers of sandalwood. On the other hand, the biggest markets lie in the United States, China, Japan & the Indian domestic market.
Future Prospects of Sandalwood Market
In 2020, the world sandalwood market stood at USD 300 million. The World Trade Research has pegged the market size at USD 3 billion by 2040.
Identifying this tremendous growth potential, the Government of India has laid emphasis on preparing for the upcoming demand from right now by creating export quality products.
This can be achieved by taking up multiple initiatives like establishing Sandalwood Technology Innovation centres in the growing states, value addition in training & skill development as well as introducing new methods of cultivation amongst farmers & young entrepreneurs.
Source: This post is based on the article ”Union Minister inaugurates training program on Sandalwood Farming & Management of its health” published in PIB on 10th October 2021.