Union Minister C R Chaudhary today said cosmetic and personal care industry has potential to generate more jobs and entrepreneurs should take advantage of schemes like Startup India that promote setting up of new business.
He also said companies should not befool consumers with cheap products and should sell superior quality products complying with national and international standards.
“You will wonder to know this small industry is providing lot of employment. India needs employment. Our Young generation needs employment,” the minister of state for consumer affairs said addressing an Assocham event.
More jobs can be created by expanding the business and setting up startups taking advantage of various government schemes like StartUp India and Make in India, he said.
Entrepreneurs and industrialists should come forward to set up more and more companies, he said adding that a lot of investment from abroad is already coming into the sector, which is growing at a 15 per cent rate annually.
Stating that the success of the industry is dependent on quality products, the minister said the focus should be on selling products with least side effects keeping in mind the consumer interest.
“Consumer is king. I request the industry to adopt national and international standards. To compete with other nations, the companies should focus on quality products,” he said.
To protect the interest of consumers, the government is ready with a new Consumer Protection Bill which is likely to be passed in the winter session of Parliament, he added.
Talking on the sidelines of the event, Bengaluru-based startup DNA Skin Clinic founder and dermatologist Priyanka Reddy said: “There are more opportunities in this sector. More foreign companies want to invest here because of huge market and young population.”
At present, perception of most Indian consumers is that foreign brands are superior despite the country having many good locally-manufactured beauty products, she said and added “this need to be changed.”
The minister also unveiled a knowledge report Indian cosmeceuticals, cosmetics and personal care, jointly prepared by Assocham and TechSci Research.
The report observed that the industry in India is likely to grow to USD 11 billion in the next five years from USD 2.5 billion in 2016 but require regulatory improvements.
It recommended the government to simplify cosmetic regulations by making single regulation to cover cosmetics and separate it from that of drugs.
It also demanded guidelines for uniform interpretation of regulations across the country and ensure license issued by one state is accepted by all states. That apart, the report suggested making BIS (Bureau of Indian Standards) standards voluntary, mandatory quality compliance through effective implementation of good manufacturing practices and yearly audit among others.
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