The Ayush Ministry has received Letter of Intent (LOI) from 28 companies to the tune of Rs. 6000 crore. This will help create over 5.5 lakh jobs and positively impact over 76 lakh lives.

This was stated by the Secretary, Ministry of Ayush, Vaidya Rajesh Kotecha in the press conference on the second day of Global Ayush Investment and Innovation Summit 2022 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 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,” he further added.

The Ayush sector has witnessed significant growth from US $ 3 billion in 2014 to more than US $ 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 bringing about synergy between the Ayush sector and the FMCG industry.

The Global Ayush Investment and Innovation Summit is the first of its kind attempt by the government of India, to seek investments in the sector that have 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.