Economic evaluation of medicinal and aromatic plants cultivation: In the context of Chamoli district of Uttarakhand

Medicinal and Aromatic Plants (MAPs) have recently become a prominent field in the agricultural sector. MAPs are gaining worldwide importance, with the majority of pharmaceutical corporations applying patents and rights to their metabolites. The international trade for indigenous MAPs and plant-based pharmaceutical industries has risen significantly during the previous few decades in India. Present research took place in the Uttarakhand state of India. This research analysis was carried out in the Chamoli district of Uttarakhand, examining the economic evaluation of MAPs cultivation on cultivators’ income. The research includes both primary data and secondary data. Primary data was collected from 170 cultivators who were engaged in the cultivation of MAPs. A stratified random sampling method was used. The results indicate that the production of aloe vera, lemon, and basil grass is common in Chamoli, with aloe vera having the highest average yield per cultivator at 200 kilograms. The analysis through the t-test shows that MAPs cultivators earn significantly more (₹32,241) compared to non-MAPs cultivators (₹18,370). The result showed that the cultivation of MAPs has a direct and positive impact on cultivators’ income. The findings showed that the income variability of MAPs cultivators (8.62) is lower than that of non-MAPs cultivators (24.83). From a statistical and practical perspective, growing MAPs seems to have a highly substantial and favorable influence on income. The present study also examines the importance of MAPs cultivation in the Uttarakhand economy and their present and future potential for the rapid growth of phytopharmaceuticals, perfumery, and allied industries in the state economy. This paper also recommends that appropriate strategies should be developed in order to motivate non-MAPs cultivators for the MAPs cultivation, which can potentially increase their income and revenue through improved crop yields.