Beauty sector experts optimistic about budget's impact on the industry
Updated On: 01 February, 2024 03:17 PM IST | Mumbai | Aakanksha Ahire
Following the presentation of the Interim Budget 2024, we share the reactions of experts from the beauty and personal care industry who believe the budget will have a positive impact on the beauty sector
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Image for representational purposes only. Photo Courtesy: iStock
India’s Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 earlier this morning. The budget was presented for the forthcoming financial year 2024-25.
Sitharaman spoke at large about comprehensive GDP, housing, tax benefits for startups, and tourism, among other factors. Other sectors of the economy like hospitality and beauty were looking forward to the budget in the hope of some benefits. While there was less mention of the beauty sector specifically, the minister’s speech did have key takeaways. We share the reactions of experts from the beauty sector who share relevant insights.
“The budget serves as a strategic guideline for both the retail and startup industries, presenting a dual narrative of obstacles and opportunities. Retailers welcome the GST amendments as a possibility for higher consumer spending, while they navigate customs tariff modifications that may affect their global supply chains. Simultaneously, entrepreneurs are encouraged by longer tax breaks and expanded funding allocations, which align with a larger aim of supporting innovation and growth. The e-commerce business is at a crossroads, with new laws prompting online platforms to rethink their tactics, while traditional shops welcome the possibility of a more fair playing field. As these industries navigate the fiscal,” says Rishabh Sethia, director, MARS Cosmetics.
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