Consumer rights protection bill in next parliament session

The cosmetics sector is dominated by Micro, Small & Medium Enterprises which creates lot of jobs, said union minister CR Chaudhary

GN Bureau | October 9, 2017


#CR Chaudhary   #Lok Sabha   #Parliament   #Consumer rights protection bill   #Consumer Awareness   #Consumer Rights  
Representational image. (Courtesy: Jago Grahak Jago)
Representational image. (Courtesy: Jago Grahak Jago)

Strict consumer rights protection bill will be tabled in the next session of parliament for protection of consumer’s rights, said CR Chaudhary, minister of state for consumer affairs.

India is the second largest market of cosmetics, personal care products and the Indian manufacturers should go for Bureau of Indian Standards (BIS), International standards to face the competition from foreign players, said Chaudhary, while inaugurating an ASSOCHAM COSMe India 2017 Annual Conference & Awards on Cosmeceuticals, Cosmetics & Personal Care in New Delhi.

He said we have to look after interests of consumers as they are the pivot of cosmetics and personal care product businesses. Health consciousness increases with economic growth. He added that consumers want cosmetic and personal care products which have least side effects.

“The cosmetics sector is dominated by Micro, Small & Medium Enterprises which creates lot of jobs,” said Chaudhary. A joint study released by ASSOCHAM-TechSci on ‘Indian Cosmeceuticals Market 2022’ reveals that increasing sales of cosmeceuticals in India is attributed to rising awareness about benefits of using such products with medicinal proprieties and shifting preferences towards these products over conventional chemical based cosmetics.

Cosmeceutical is a cosmetic that has or is claimed to have medicinal properties.

Secondly, demand for cosmeceuticals, organic and natural cosmetic products is anticipated to rise over the next five years. Consumer preferences are also changing, with evolving lifestyles and increasing spending. Cosmeceuticals manufacturing companies are recommended to focus on rolling out of newer and more advanced products to increase sales and strengthen their market position.

The study recommended that making Bureau of Indian Standards (BIS) product standards should be voluntary. BIS standards should focus on safety and analytical methods.  Quality compliance should be mandatory through effective implementation of Good Manufacturing Practices (GMP) and yearly audits.

The study pointed out that there should be one single regulation to cover cosmetics and separate it from that for drugs. The guidelines for uniform interpretation of regulations and their implementation across the country – license issued by one state to be accepted by all states.

The products should be supported by manufacturer’s quality and BIS safety standards. The onus is on manufacturer to provide safe & quality products and the regulatory focus only on safety of product through post market surveillance.

The personal care and cosmetics market in India has had consistent growth over the last decade, with increasing shelf space in boutiques and retail stores across the country. Many multinational brands have entered the Indian market, primarily aided by dedicated support structure and their respective pricing strategies.

The domestic market for personal care products is projected to grow at a CAGR of around 22% during the period 2017-2020. Moreover, the market will maintain healthy growth due to rising preference for specialized cosmetic products such as organic, herbal and ayurvedic products. Principal areas that are expected to grow include colour cosmetics, fragrances, specialized skin care, hair care and make-up cosmetics.

Currently, India accounts for a share of just over 1% of total global personal care, cosmetics and cosmeceutical market. This share is anticipated to grow significantly over the next 5 years. This growth will be primarily led by increasing disposable income, relatively young urban elite population and rising middle-class population.
 

Comments

 

Other News

Budget creates the ground – now it’s time for these steps

On February 1, finance minister Nirmala Sitharaman announced the Union Budget. As Dr. Rajiv Kumar, the Pahle India Foundation chairman and former NITI Aayog vice chairman, succinctly summed up, “Budget 2023 is a consolidation of the gains over the years, and a positive step towards sustained economic

Should India look for another capital?

The Indian Metropolis: Deconstructing India’s Urban Spaces By Feroze Varun Gandhi Rupa, 840 pages, Rs 1,500 Feroze Varun Gandhi, a Member of Parliament from the BJP, has been a published poet. He is also a policy expert – he had published &

Railways’ freight earnings up by 16%

On mission mode, Indian Railways` Freight loading for first ten months of this financial year 2022-23 has crossed last year’s loading and earnings for the same month. On cumulative basis from April 2022 to January 2023, freight loading of 1243.46 MT was achieved against last year&rsquo

BMC announces Rs 52,619.07 crore budget

Mumbai’s municipal commissioner and administrator Iqbal Singh Chahal on Saturday announced a Budget of Rs 52,619.07 crore for 2023-2024, an increase of 20.67% over a revised budget estimate of Rs 43607.10 crore for 2022-23. The overall budget size has doubled in five years. In 2017-18

Making sense of the ‘crisis of political representation’

Imprints of the Populist Time By Ranabir Samaddar Orient BlackSwan, 352 pages, Rs. 1105 The crisis of liberal democracy in the neoliberal world—marked by massive l

Budget: Highlights

Union minister of finance and corporate affairs Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament on Wednesday. The highlights of the Budget are as follows: PART A     Per capita income has more than doubled to Rs 1.97 lakh in around

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter