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At least 28 pvt firms to invest over Rs 6,000 crore in Ayush sector: Govt

At least 28 pvt firms to invest over Rs 6,000 crore in Ayush sector: Govt

The government's budget in the sector has increased over four times from Rs 691 crore in 2014 to Rs 3,050 crore in the last Budget. 

(representational image) (representational image)

At least 28 private companies have committed to invest over Rs 6,000 crore in Ayush sector, said Rajesh Kotecha, Secretary to the Ayush Ministry on Thursday. He was speaking at the first Global Ayush Investment and Innovation Summit 2022 being held in Gujarat.

“The Ayush sector is set to break its own growth records in the upcoming months. Ayush Ministry has received letter of intent from 28 companies to the tune of Rs 6,000 crore. This will help create over 5.5 lakh jobs and positively impact over 76 lakh lives,” said Kotecha.

“There are various memorandum of understanding (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 Council Of Scientific And Industrial Research (CSIR) for joint PHD programmes and for mechanistic studies in Ayush,” he said adding that there is immense scope in the Ayush sector.

The government's budget in the sector has increased over four times from Rs 691 crore in 2014 to Rs 3,050 crore in the last Budget. The market also has grown exponentially from Rs 22,000 crore in 2014 to Rs. 1.14 lakh crore, Kotecha said.

Meanwhile, companies such as Amul, Dabur India, Kama Ayurveda and others have committed to bring about synergy between the Ayush sector and the FMCG industry, the government officials said.

Ayush sector has witnessed a significant growth from $3 billion in 2014 to more than $18 billion as of now. Various countries including Columbia, Mexico, Cuba, Germany, Jamaica, Kyrgyzstan and Thailand have committed themselves to increase their collaboration with the Ministry of Ayush.

The government said that during the event, the need for quality standards and accreditation cutting across products and services was also noted. 
 
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. Special focus was on inclusion of medicinal plants in supply chain management.
 
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.