Ayush Start-up Challenge | 23 Feb 2022

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.

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.

Source: IE