PM Modi Urges Investors To Back More AYUSH Startups
- ByStartupStory | April 21, 2022
Indian Prime Minister Narendra Modi has exhorted the Indian startup ecosystem to invest more in Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy (AYUSH) sector.
While speaking at the inaugural session of the Global AYUSH Investment and Innovation Summit 2022 in Gujarat’s Gandhinagar, the PM said, “We are already witnessing unprecedented growth in the production of AYUSH supplements,cosmetic and medicines. In the year 2014, where the Ayush sector was less than 3 Billion USD, today it has increased to more than 18 Billion USD.”
The inaugural session of the summit was attended by prominent personalities including Union Minister for AYUSH Sarbananda Sonowal, Mauritius PM Pravind Kumar Jugnauth, WHO Director-General Tedros Adhanom Ghebreyesus, etc.
PM Modi also highlighted the steps taken by the government in the past few years to promote export of AYUSH products. He said over 50 Memorandums of Understanding have been signed with many countries.
“Our AYUSH experts are developing ISO standards in collaboration with the Bureau of Indian Standards. This will open a huge export market for AYUSH in over 150 countries”, Modi said.
He also remained hopeful when he talked about how he was sure of Unicorns emerging from AYUSH startups very soon.
The PM also announced a plethora of schemes for the sector, which included the unveiling of the AYUSH mark for traditional medicine products. In addition, the Centre will also be developing a network of AYUSH parks to encourage the manufacturing of such products across India.
The AYUSH sector has grown tremendously in the last couple of years. According to a report, the market size of AYUSH products grew by 17% between 2014 and 2020 to reach 18.1 Bn USD. The report also suggested that the industry is projected to reach the 23.3 Bn USD mark by 2022.
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