India News | Ayush Market Size Has Reached USD 18.1 Billion, Says Union Minister Sarbananda Sonowal
Get latest articles and stories on India at LatestLY. The AYUSH market size has reached USD 18.1 billion, a 17 per cent rise between 2014 and 2020, due to growing global and domestic demand, and the Centre's strong support to regulatory, research and development, and back-end infrastructure, Union Minister Sarbananda Sonowal said on Friday.
New Delhi, Oct 29 (PTI) The AYUSH market size has reached USD 18.1 billion, a 17 per cent rise between 2014 and 2020, due to growing global and domestic demand, and the Centre's strong support to regulatory, research and development, and back-end infrastructure, Union Minister Sarbananda Sonowal said on Friday.
Addressing the inauguration of 'AYUR-UDYAMAH' at Vigyan Bhawan, the Union Ayush Minister said in terms of the global share, India has grown faster in the AYUSH market as compared to the rest of the world and accounts for about 2.8 per cent of the market.
This is likely to hold even though disruptions in production are not ruled out, he said, adding that during the same period, different product segments have grown at a much higher rate than the overall industry.
On the occasion, he released a Research and Information System for Developing Countries (RIS) report which showed that despite a slump in economic activity in 2020 due to Covid, the industry is projected to reach USD 20.6 billion in 2021 and USD 23.3 billion in 2022.
Plant derivatives experienced 21 per cent growth in the 2014-2020 period, 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), according to a statement.
Ayush medicines have done exceedingly well in helping Covid 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.
About the new incubation centre, Sonowal referred to Prime Minister Narendra Modi's Independence Day speech mentioning that start-ups were the new types of wealth creators in the country.
"He outlined the need of the government to relentlessly work towards making India's start-ups and the start-up ecosystem the best in the world. This will contribute to the long-term vision of Aatanirbhar Bharat," Sonowal said.
"I hope the start-up initiative will help Ayush entrepreneurs in translating innovations into products and services that are commercially viable," he added.
On this occasion, the All India Institute of Ayurveda -- Incubation Centre for Innovation and Entrepreneurship -- was launched by Union Minister of Food and Processing Industries Pashupati Paras.
It is the first of its kind incubation centre under the Ministry of Ayush to promote start-ups.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)