- I have confidence that unicorns will emerge from our AYUSH startups very soon: PM Modi.
- PM Modi commenced the Global AYUSH Investment and Innovation Summit 2022 in Gujarat’s Gandhinagar on 20th April 2022.
- The Mauritius PM Pravind Kumar Jugnauth, the WHO Director-General Tedros Adhanom Ghebreyesus, and the Union Health Minister Mansukh Mandaviya have participated in the event.
Prime Minister Narendra Modi has urged the Indian startup ecosystem to invest more in Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) sector. The Global AYUSH Investment and Innovation Summit 2022 is being held in Gujarat’s Gandhinagar. Speaking at the inaugural session Modi said, “We are already witnessing unprecedented growth in the production of AYUSH medicines, supplements and cosmetics. Back in 2014, when the Ayush sector was less than $3Bn, today it has increased to more than $18Bn”
Pointing to the number of emerging unicorns in the country, the prime minister further said, “I have confidence that unicorns will emerge from our AYUSH startups very soon.”
Entrepreneurs and other stakeholders will participate in the three-day event to promote traditional forms of medicine in the country. In addition, the event will help uncover investment opportunities and ways to ramp up innovation in the wellness industry.
Participants in the summit’s inaugural session included the Mauritius Prime Minister Pravind Kumar Jugnauth, the WHO Director-General Tedros Adhanom Ghebreyesus, and the Union Health Minister Mansukh Mandaviya, the Union Minister for AYUSH Sarbananda Sonowal, among others.
Modi also talked about the steps taken by the government in recent years to promote the export of AYUSH products. In his words, more than 50 Memorandums of Understanding (MoUs) have been signed by many countries. “Our AYUSH experts are developing ISO standards in collaboration with the Bureau of Indian Standards. That will open a huge export market for AYUSH in more than 150 countries”.He even announced a slew of schemes for the sector, including unveiling the AYUSH mark for traditional medicine products. Moreover, the Centre will also develop a network of AYUSH parks to encourage the manufacturing of such products across the country.
Efforts to promote traditional medicine are part of the government’s overall goals. In 2014, the Indian government approached the United Nations to celebrate yoga globally. The global body accepted the move and, as a result, International Yoga Day is celebrated on June 21.
Reforms have also been undertaken by the Ministry of AYUSH. It introduced an online application system to streamline the process of granting licences to manufacture traditional medicines last year. Excluding that, Ayurveda departments will be opened in as many as 19 All India Institutes of Medical Sciences (AIIMS) to promote the traditional forms of medicines.
The sector has witnessed tremendous growth in the last couple of years. As a result of the COVID-19 pandemic, alternative medicine has seen a significant uptick in adoption. From food ingredients to immunity boosters, AYUSH has been embraced by Indians in a big way.
As per the report, the market size of AYUSH products grew by 17% between 2014 and 2020 to reach $18.1 Bn and also stated that the industry is projected to reach the $23.3 Bn mark by 2022.
In the 2022 Budget, the government allocated INR 3,050 Cr for the Ministry of AYUSH to promote traditional medicine systems in the country.