Beauty & Wellness sector to create 7 million jobs in India
beauty and wellnessbusiness in India is expected to open 7 million jobs prospects, according to Mahendra Nath Pandey, Skill Development Minister.
- The sector has a market potential of ₹800 billion, he revealed during the 18th annual convocation of VLCC Institute of Beauty and Nutrition.
- The salon & spa business accounts for 31% of the beauty & wellness market in India.
The sector has a market potential to grow to ₹800 billion, he revealed during the 18th annual convocation of VLCC Institute of Beauty and Nutrition. VLCC itself employed over 200,000 working population over the past few years.
The sector has a market potential to grow to ₹800 billion, he revealed during the 18th annual convocation of VLCC Institute of Beauty and Nutrition. On a global front, the cosmetic market is expected to extend over $13 billion by 2019, according to WNB report.
“Skilling is an important tool of women empowerment as the students after training, can set up wellness and beauty centres by availing easy loans like MUDRA and can also motivate others for such gainful employment opportunities,” said Pandey.
The government promised to ease borrowing process under the Micro Units Development and Refinance Agency (MUDRA) scheme. In its recent budget announcement, Finance Minister Nirmala Sitharaman announced that the scheme will allow one woman from every self-help group to avail loan upto ₹100,000 to boost women participation.
“India is a young nation and a skilled workforce will be able to cater to not only the market demand within the country but also the global market,” Pandey added.
Indian ayurvedic and beauty brands like Ayush are gaining ground internationally too. The salon and spa business accounts for 31% of the beauty and wellness market in India.
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