Important Facts For Prelims
Ayush Start-up Challenge
- 23 Feb 2022
- 2 min read
Why in News?
The All India Institute of Ayurveda (AIIA) in association with Startup India has launched the ‘Ayush Start-up Challenge’.
- AYUSH stands for Ayurveda, Yoga and Naturopathy, Unani, Sidha and Homeopathy.
What are the Key Points?
- About:
- It was launched to encourage start-ups and individuals working on innovations in the field of Ayurveda and alternative healing.
- The winners of ‘Ayush Start-up Challenge’ will receive both a cash prize and incubation support from the AIIA.
- Cash prize of Rs. 1 lakh for the winner and Rs. 50,000 for the runner-up.
- Categories:
- 3 entry categories for participating start-ups:
- Ayush Food Innovations:
- Ayush Bio-instrumentation (Hardware solutions)
- Ayush IT Solutions (Software solutions).
- There will be two winners in each of the 3 categories.
- 3 entry categories for participating start-ups:
What is the Status of the AYUSH Market?
- The market size of the AYUSH sector has grown by 17 % in 2014-20 to reach USD 18.1 billion.
- In terms of global share, India has grown faster in the AYUSH market as compared to the world and accounts for about 2.8 % of the market, which is likely to hold.
- The Ayush market is currently estimated to be around USD 10 bn and it is projected to see a 50 % increase over the course of the next five years.
