Beauty & wellness business has market potential of Rs 80,000 crore in India: Skills development minister

Skills development minister Mahendra Nath Pandey Tuesday said beauty and wellness business in India has a market potential of Rs 80,000 crore and can provide employment opportunities to lakhs of people.
“India would need more than 70 lakh skilled manpower in coming months in this sector due to unleashing of economy,” he said while speaking at the 18th annual convocation ceremony of VLCC Institute of Beauty and Nutrition.

“Skilling course 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,” he added.

More than 62% of India’s population is young and it is Prime Minister’s vision to make India as one of the largest skilled economy in the world, the ministry said in a statement.

According to Pandey, under the National Skill Development Mission (Skill India Mission), launched on July 15, 2015, nearly one crore youth are being presently imparted skills training annually.

“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,” he added.

The ministry of skill development and entrepreneurship (MSDE) is implementing a flagship the Pradhan Mantri Kaushal Vikas Yojana (PMKVY 2.0) 2016-20 on pan-India basis with an objective to provide skilling to one crore people under short term training (STT), recognition of prior learning (RPL) and special project (SP) across the country with an outlay of Rs12,000 crore. As on June 12, 2019, approximately 52.12 lakh candidates have been trained under the scheme in the country.