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Ayush Ministry receives LOI from 28 companies worth Rs 6000 crores during second day of GAIIS -2022

Prime Minister Narendra Modi while inaugurating the Summit also stated that GAIIS is the first of its kind attempt by the Government of India to seek investments into the Ayush sector.

Experts from various streams of Ayush deliberated during the Summit and start-ups also leveraged the opportunity to spread awareness about the Ayush sector and sought investments.
Experts from various streams of Ayush deliberated during the Summit and start-ups also leveraged the opportunity to spread awareness about the Ayush sector and sought investments.

Ayush Ministry has received Letter of Intent (LOI) from 28 companies to the tune of Rs. 6000 crores during the second day of the first Global Ayush Investment and Innovation Summit (GAIIS -2022). The Summit started on April 20 at Gandhinagar, Gujarat.

Prime Minister Narendra Modi while inaugurating the Summit also stated that GAIIS is the first of its kind attempt by the Government of India to seek investments into the Ayush sector.

Experts from various streams of Ayush deliberated during the Summit and start-ups also leveraged the opportunity to spread awareness about the Ayush sector and sought investments.

Among the key highlights of the occasion, the Summit propagated the need to utilize modern technology to validate the Ayush sector. The Summit initiated dialogue around the opportunities for Ayush in enhancing the Medical Value Travel to India. Inclusion of medicinal plants in supply chain management was another area of special focus during the event.
“This will help create over 5.5 lakh jobs and positively impact over 76 lakh lives, informed Padamshri Vaidya Rajesh Kotecha, Secretary, Ayush Ministry while speaking about the milestones that have been achieved on the second day of GAIIS 2022.

Countries like Columbia, Mexico, Cuba, Germany, Jamaica, Kyrgyzstan and Thailand, committed themselves to increase their collaboration with the Ayush Ministry. The need for quality standards and accreditation cutting across products and services also resonated during the event. Companies such as Amul, Dabur India, Kama Ayurveda among others have committed to bring about synergy between the Ayush sector and the FMCG industry.

While highlighting that the Summit is based on the grounding principle of empowerment Vaidya Rajesh Kotecha said, “We seek to empower the citizens of India and the citizens of the world in attaining superior health through sustainable means. The Ayush sector is set to break its own growth records in the upcoming months.”

“Various MoUs have been signed with different countries and the Defence Ministry to start Ayush facilities in over 35 Cantonment areas across India. MoUs have also been done with the Ministry of Science and Technology to promote cross collaboration with Centre for Scientific and Industrial Research (CSIR) for joint PHD programmes and for mechanistic studies in Ayush,” Kotecha informed.

While highlighting the immense scope in the Ayush sector, Kotecha said that the government budget in the sector has increased over four times from Rs 691 crores in 2014 to Rs 3050 crores in the last budget. The market also has grown exponentially from Rs. 22,000 crores in 2014 to Rs. 1.14 Lakh crores.

The third day of the summit will focus on nurturing a favorable ecosystem for startups and entrepreneurs and will have deliberations around biomedical engineering innovations and the future trends in the Ayush industry.

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