Underlining the enormous potential of the beauty and wellness sector at the 18th annual convocation ceremony of VLCC Institute, Skills Development Minister Mahendra Nath Pandey recently said, “India would need more than 70 lakh skilled manpower in coming months in this sector due to unleashing of economy.”
The Minister further encouraged more women to become empowered through skills training in wellness and beauty with the help of schemes such as the Micro Units Development and Refinance Agency (MUDRA). This microfinance scheme offers loans up to Rs. 10 lakhs for micro units or entrepreneurs.
Also Read: Apprenticeships getting fit for the Beauty & Wellness sector
The beauty and wellness market in India is expected see a CAGR of nearly 12% to reach $23 billion by 2020 according to a 2017 Deloitte and CII report- ‘India Services Sector A Multi-trillion Dollar Opportunity for Global Symbiotic Growth.’
Marking it as a high growth sector, the 2016-2017 Annual Skills Report of the Ministry of Skill Development & Entrepreneurship identified training and human requirement need of 8.2 million between 2017-2022 in the beauty and wellness sector.
