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The Confederation of Indian Industry has decided to provide a strong impetus to entrepreneurship in the ayurveda sector to enhance the fortunes of the ₹2,500-crore ayurveda medicinal and therapeutic industry, through a contest titled ‘Ayurstart 2018’.
At a meet on ‘Role of ayurveda in building a resilient Kerala’ here on Thursday, leading experts in the field said innovation and entrepreneurship ought to be the priorities for the sector in the coming years.
Dwindling numbers
There used to be 1,150-odd manufacturers in the ayurveda domain, but their numbers have now dwindled to about 650. Fresh innovative start-ups can scale up the industry as a whole, said S Sajikumar, CII Chairman and Managing Director of Dhathri Ayurveda.
Sajikumar said that in the age of Artificial Intelligence, robotics and genomics, the ayurveda sector is also looking for disruptive technologies as well as promoting business intelligence for the sector. “We are not looking at just some more products, but something disruptive and innovative. There is much to be done in the sector, including a holistic approach, and developing the science of wellness which will significantly enhance the credibility of ayurvedic medicine”, he said.
Leading Ayurveda practitioners at the meeting pointed out that while ayurveda was once only a minor component in the tourism industry, it has come a long way from there. It is now estimated that out of the ₹33,000-crore annual revenue of the State tourism sector, 30 per cent comes from the health and wellness domain, and of that component, 80 per cent comes from ayurveda.
CII will work with the Kerala Startup Mission in identifying and supporting the best ideas that are generated through Ayurstart 2018.
After the entries are received, those who suggest the top10 ideas will get a chance to pitch their ideas and be mentored by business leaders and entrepreneurs. Ayurstart competition is open for students, professionals and existing entrepreneurs and they can register at www.globalayurvedasummit.com.
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