Global Ayush Investment & Innovation Summit: 28 companies commit to invest 6000 crores till Day 2
28 companies have sent Letter of Intent (LOI) to the tune of Rs. 6000 crores to the ministry of Ayush. The development will contribute in creating over 5.5 lakh jobs in the country. This was conveyed by Vaidya Rajesh Kotecha, Secretary, Ayush Ministry at the second day of the Global Ayush Investment and Innovation Summit 2022 being held in Gujara’s Gnadhinagar.
Collaborations with Ministries other Countries
The Secretary also informed that there are various MOUs signed with different countries as well as the Ministry of Defence to begin Ayush facilities in over 35 Cantonment areas across India. An MoU has also been signed with the Ministry of Science and Technology to promote cross collaboration with CSIR for joint PHD programmes and for mechanistic studies in Ayush.
Various countries including Germany, Mexico, Cuba, Thailand, Columbia, Jamaica and Kyrgyzstan, committed themselves to increase their collaboration with the Ministry of Ayush. The need for quality standards and accreditation cutting across products and services was also noted. Renowned and established companies such as Amul, Dabur India, Kama Ayurveda, etc. have committed to bring about synergy between the Ayush sector and the FMCG industry.
Growth of Ayush sector
Ayush Sector has seen a significant growth in last 7-8 years as from USD 3 billion in 2014, the figure stands at more than USD 18 billion today. “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,” said Vaidya Rajesh Kotecha in his address at the second day of the summit.
Global Ayush Investment and Innovation Summit
This summit is the first of its kind attempt by the Government to get investments into the sector that has especially grown aggressively in a post-pandemic world. The Summit also aspires to establish India as the hub for traditional medicine practices, which can help lead the world towards attaining better health & lifestyle.
The events of the first two days of the three-day summit stirred in a positive ardour with experts from various streams of Ayush and start-ups leveraging the opportunity to spread awareness about the growing sector and seek investments. One of the key highlights of the event swirled around the need of utilising modern technology to further validate the sector of Ayush, while keeping intact its foundational spirit.
The Summit also sought to spark dialogue around the opportunities for Ayush in boosting the Medical Value Travel to India. Special focus was on inclusion of medicinal plants in supply chain management. The third day of the event will focus on encouragement of an apt ecosystem for startups & entrepreneurs. The third day of the Summit will witness conversations around biomedical engineering innovations and the future trends which will impact the Ayush industry.
