Delhi/Hyderabad, Feb 13 (Maxim News): Ayurveda is now officially recognized as a traditional medicine system in 25 countries, and India’s AYUSH sector has grown significantly. According to the Union Minister of State for AYUSH, Prataprao Jadhav, the market size of AYUSH has increased from $8 billion in 2014 to $23.3 billion in 2022, growing at a rate of 17% per year.
Jadhav also said that more international patients are coming to India for AYUSH treatments, thanks to the AYUSH Visa, which promotes medical tourism.
AYUSH is Becoming More Popular in India
A recent government survey (NSSO, 2022-23) found that 95% of people in rural areas and 96% in cities are aware of AYUSH treatments. Jadhav shared some key developments:
- AYUSH product exports increased from $1.09 billion in 2014 to $1.54 billion in 2020.
- Over 900 AYUSH startups have been launched, with 52% coming from smaller towns and cities.
- Government hospitals are now offering AYUSH treatments, benefiting 5.4 crore patients.
More Investment and Support for Small Businesses
The Indian government has allowed 100% Foreign Direct Investment (FDI) in the AYUSH sector, attracting global investments. This has led to:
- Growth in manufacturing and exports.
- Over 53,000 small businesses (MSMEs) receive financial support.
To further promote the sector, the Ministry of AYUSH has set up a Strategic Policy and Facilitation Bureau (SPFB) in partnership with Invest India and DPIIT. This initiative focuses on investment promotion, policy-making, and industry support.
In 2023, the Ministry of AYUSH organized a B2B conference under the Shanghai Cooperation Organisation (SCO) on Traditional Medicine, attracting ₹590 crore in investment interest. (Maxim News)
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