KOCHI: The Confederation of Indian Industry (CII) will organise Ayurstart, a startup challenge programme to lure young entrepreneurs into the Rs 2,500 crore Ayurveda medicinal and therapeutic industry. The programme will be held on the second day of the Global Ayurveda Summit scheduled to be held at Le Méridien here from November 21 to 23. Stakeholders from the ayurveda sector, participating in a conclave on the ‘Role of Ayurveda in Building a Resilient Kerala’ at BTH Sarovaram here on Thursday, stressed on the need to promote innovation and entrepreneurship to ensure robust growth in the sector.
“There were 1,150-odd manufacturers in the Ayurveda domain a decade ago, but the numbers have declined to around 650 now. We have to promote innovative startups to breathe life into the industry,” said CII chairman and Dhathri Ayurveda managing director S Sajikumar. He said, in the age of artificial intelligence, robotics and genomics, the Ayurveda sector should explore the possibilities of disruptive technologies and promote business intelligence to adapt to the changing times.
“We are not looking at widening the product range, but to introduce 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,” said Sajikumar.
CII will associate with the Kerala Startup Mission in identifying and supporting the best ideas that are generated through Ayurstart 2018. Those who suggest the top 10 ideas in Ayurstart will get a chance to pitch their ideas and get mentored by business leaders and entrepreneurs. The Ayurstart competition is open to students, professionals and existing entrepreneurs. For details, contact the CII office on 0484-4012300 or log on to www.globalayurvedasummit.com
Ayurveda sector at crossroads
L100 crore: Loss to infrastructure in Ayurveda sector due to floods
L700 crore: Business loss to Ayurveda sector due to floods
400 Ayurveda manufacturing firms closed in 5 years
650 firms thrive in the industry
100 companies making profit