International Journal of Financial Management and Economics
Vol. 4, Issue 2 (2021)
Role of yoga industry in Indian economy-post COVID-19
Dr. Shephalika Rai
Yoga, an ancient Indian practice encompassing physical, mental, and spiritual wellness has become one of the hottest trends in the fitness and wellness industry. Stress and an unhealthy lifestyle continue to create diseases and ailments amongst a majority of the population, leading to more and more people looking at yoga for wellbeing.
To one of India’s most famous gurus, yoga isn’t just about postures, exercise and meditation: It can also boost economic growth and bolster national pride. Some ways, India is pushing to reclaim an ancient practice that has been turned into a lucrative market in the West. Yoga pants are increasingly supplanting jeans as the suburban apparel of choice in the U.S., The Ayush ministry of Indian government and different yoga institutions have declared ayurveda and yoga as important tools to fight with corona in this pandemic of Covid-19. It is important to clear that only yoga and ayurveda are not sufficient to treat the cases of Corona. It is only measure to increase the immunity and the positive energy.
The overall wellness market in India is estimated at INR 490 billion. Wellness services under which yoga studios or fitness studios would fall under alone comprise 40% of this market. Over the next three years, the Indian wellness industry would grow at a CAGR of 20% to reach INR 875 billion. The consumers changing mind set from remedial care to a preventive care approach is set to drive this tremendous growth in the wellness industry in India. With the practice of Yoga playing an important role in preventive care, the opportunity for establishing a successful yoga studio in India is excellent. During covid-19 demand of yoga is suddenly increasing in this research paper effect of covid-19 on yoga industry will be discussed. This paper is based on secondary data.