Ayush sector in India set for a boost with Rs 6k cr investment lined up
Ayush arena to see 28 companies pumping in major investment; 5.5 lakh job openings seen
The Ayush sector in India is bracing for some rejuvenation therapy with as many as 28 companies evincing keen interest in investing in the arena. These companies are said to have committed on investing Rs 6000 crore in the sector.
It has been revealed by Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush, that the ministry has already received Letters of Intent (LOI) from these 28 companies who are keen on investing Rs 6000 crore. Once this gets rolling, the sector would give rise to over 5.5 lakh job openings and will positively impact over 76 lakh lives.
The government’s Global Ayush Investment and Innovation Summit 2022 organised at Gandhinagar in Gujarat has been a major eye opener for the sector and those organisation who look forward to making sizable investments in the field of Ayush and allied areas.
MoUs with various countries
Besides the companies that have expressed interest in investing in the sector, a bunch of MOUs were also 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 Ph. D programmes and for mechanistic studies in Ayush.
According to the Ayush Department Secretary, the sector holds immense scope. The government budget in the sector has increased over four times from Rs 691 crore in 2014 to Rs 3050 crore in the last budget. The market also has grown exponentially from Rs 22,000 crores in 2014 to Rs 1.14 lakh crore.
Further, the sector has registered growth from US$ 3 billion in 2014 to more than US$ 18 billion at the moment. Nations including Columbia, Mexico, Cuba, Germany, Jamaica, Kyrgyzstan and Thailand have also committed themselves to increase their collaboration with the Ministry.
Corporate interest in Ayush investment grows
Besides, corporate entities of the likes of Amul, Dabur India, Kama Ayurveda and others have committed to bring about synergy between the Ayush sector and the FMCG industry. The need for quality standards and accreditation cutting across products and services has been seen as prime for the growth of the sector.
The sector is also gearing up to make the most of modern technological advancements, while keeping intact its foundational spirit. Besides, the efforts to boost medical value travel to India and also inclusion of medicinal plants in supply chain management are in the pipeline.