Ayush market size crosses $18 Bn: Ayush Minister Sarbananda Sonowal
AIIA’s first-of-its-kind Incubation Centre, blood bank along with Bal Raksha Kit, RIS-FITM journal were launched
Buoyed by the growing global and domestic demand and enabled by strong support to regulatory, research and development, and back-end infrastructure by the ministry, the market size of AYUSH has grown by 17 per cent in 2014-20 to reach $18.1 billion, Union Ayush Minister Sarbananda Sonowal said recently.
The minister was speaking at the inauguration of ‘AYUR-UDYAMAH’ at Vigyan Bhawan, where he released the RIS report titled ‘AYUSH Sector in India: Prospects and Challenges’. On the occasion, AIIA ICAINE – All India Institute of Ayurveda – Incubation Centre for Innovation and Entrepreneurship – the first-of-its-kind incubation centre under the Ministry of Ayush to promote the start-ups was also launched by Union Minister of Food and Processing Industries Pashupati Paras.
As per the Research and Information System for Developing Countries (RIS) report, despite a slump in economic activity in 2020 due to the pandemic, the industry is projected to reach $20.6 billion in 2021 and $23.3 billion in 2022. In terms of the global share, India has grown faster in the AYUSH market as compared to the world and accounts for about 2.8 per cent of the market, which is likely to hold even though disruptions in production are not ruled out.
During the same period, different product segments have grown at a much higher rate than the overall industry. Plant derivatives experienced 21 per cent growth in the period 2014-2020 followed by nutraceuticals (20.5 per cent), pharmaceuticals (15.8 per cent), plant extracts 14.7 per cent and herbal plants (14.3 per cent).
Ayush medicines have done exceedingly well in helping COVID-19 patients recover faster across the world during the first and second wave of the pandemic in the last one and a half years, Sonowal said.
The minister said that the new ideas need a conducive environment to prosper and the centre will help young entrepreneurs to establish themselves before they scale up their ventures. “I hope their start-up initiative will help Ayushentrepreneurs in translating innovations into products and services that are commercially viable.
The minister said that AIIA was also working in the preparation of a diabetes protocol where experts from all over the country have contributed to the prevention and management of diabetes in the public health initiative. “The protocol will help the practitioners, research scholars and academicians to fulfil the needs of diabetic care and to know recent advancements in the field,” he said.
Minister of State for Ayush, Munjpara Mahendrabhai, while inaugurating the blood bank of AIIA, said that the blood bank will cater to the needs of patients from Delhi and adjacent states. “It is important that the donor feel safe while donating blood samples and with high-end filtration mechanisms in AIIA under-skilled and trained doctors, we ensure that all patients are tested comprehensively before receiving and donating blood,” he said.
Paras launched the AIIA ICAINE incubation centre. Minister of State for Petroleum and Natural Gas, Rameswar Teli and Minister of State for Ports, Shipping and Waterways, Shantanu also attended the function.
On the occasion, RIS-FTIM Journal was also launched. AIIA also launched Bal Raksha Kit and immunity-boosting Swarnprashan for children and Qualification Packs under Ayush sub-sector Skill Council(HSSC) and Awarded the best outgoing students of the years 2018-2021.
The Ayush Ministry is celebrating November 2 as the 6th Ayurveda Day and has planned a series of activities around it including mega-events at the National Institute of Ayurveda, Jaipur.
