The Ethnobotany of medicinal plants is known as 'Ethnomedicine'. The importance, scope and implication of ethno medicine have been expending throughout the world at a very fast rate. The Ethnomedicine studies have shown their relevance in search for new herbal drug for human health. The medicinal properties of plant species have made on outstanding contribution in the origin and evolution of many traditional herbal therapies. Over the past few years, however, the medicinal plants have regained a wide recognition due to an escalating faith in herbal medicine in view of its lesser side effects compared to allopathic medicine.Our major objectives therefore were to explore the potential in medicinal plant resources, to understand the challenges and opportunities with the medicinal plant sector, and also to suggest recommendation based upon the present state of knowledge for the establishment and smooth functioning of the medicinal plants sector along with improving the living standard of the underprivileged communities.