28 companies to invest 6000 crores in Ayush sector
The commitment is expected to generate over 5.56 lakh jobs and positively impact the lives of more than 76 lakh people
New Delhi: Ayush Ministry has received Letter of Intent (LOI) from 28 companies to the tune of Rs. 6000 crores. This will help create over 5.5 lakh jobs and positively impact over 76 lakh lives. This information was given by Secretary, Ministry of Ayush, Vaidya Rajesh Kotecha in the press conference at the second day of Global Ayush Investment and Innovation Summit 2022 today at Gandhinagar, Gujarat. He also informed there are various MOUs signed with different countries as well as the Ministry of Defence to start Ayush facilities in over 35 Cantonment areas across India, and with the Ministry of Science and Technology to promote cross-collaboration with CSIR for joint PHD programmes and for mechanistic studies in Ayush.
"There is immense scope in the Ayush sector. The government budget in the sector has increased over four times from Rs. 691 crores in 2014 to Rs. 3050 crores in the last budget. The market also has grown exponentially from Rs. 22,000 crores in 2014 to Rs. 1.14 Lakh crores," he further added.
The Ayush sector has witnessed significant growth from USD 3 billion in 2014 to more than USD 18 billion today. Various countries including Columbia, Mexico, Cuba, Germany, Jamaica, Kyrgyzstan, and Thailand, committed themselves to increasing their collaboration with the Ministry of Ayush. The need for quality standards and accreditation cutting across products and services was also noted. Companies such as Amul, Dabur India, Kama Ayurveda, and others have committed to bring about synergy between the Ayush sector and the FMCG industry.
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The excitement witnessed during the first day of the session also seeped into the second day with experts from various streams of Ayush and start-ups leveraging the opportunity to spread awareness about the growing sector and seek investments. A key highlight that emerged out of the events, revolved around the need to utilize modern technology to validate the sector of Ayush while keeping intact its foundational spirit. The Summit sought to spark dialogue around the opportunities for Ayush in boosting the Medical Value Travel to India. The special focus was on the inclusion of medicinal plants in supply chain management.
Having successfully concluded the first two days of the Summit, the third day of the summit will focus on nurturing a favorable ecosystem for startups and entrepreneurs. The third day of the Summit will witness conversations around biomedical engineering innovations and the future trends which will impact the Ayush industry.
Global Ayush Investment and Innovation Summit is the first of its kind attempt by the Government of India, to seek investments into the sector that has been rapidly expanding in the post-COVID world. The Summit seeks to develop India as the hub for traditional medicine practices, which will guide the world towards attaining better health and lifestyle.
Vaidya Rajesh Kotecha also spoke about the milestones that have been achieved on the second day of The Global Ayush Investment and Innovation Summit 2022. Smt. Kavita Garg, Joint Secretary of Ayush; Shri Sanjeev Sharma, Director at National Institute of Ayurveda and Shri Anup K Thakkar, Director at ITRA Jamnagar were also present at the conference.
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