Beauty and Skincare Industry Leaders Praise Union Budget 2024-25 for Empowering Women and Supporting Startups

The Union Budget 2024-25 has sparked excitement and optimism within the beauty and skincare industry, with prominent figures sharing their insights on how the budget will impact their businesses and the sector as a whole.

Mrs. Sunita Ramnathkar, Founder of Mitchell USA, commended the budget’s focus on women, MSMEs, and startups, highlighting the government’s commitment to inclusive growth. She expressed her enthusiasm for the financial support allocated for employment, skilling, and education, emphasizing the importance of women’s welfare and their role in economic development.

Ms. Gunjan Agarwal, Co-founder of XYST, praised the abolition of the Angel Tax as a significant step for startups, noting that it will motivate angel investors and encourage entrepreneurial spirit in the Indian business domain. She also highlighted the job generation push and financial assistance provided by the government, which will help startups attract talented professionals and drive cumulative growth in the long term.

Anshita Mehrotra, Founder of Fix My Curls, lauded the extension of the Production-Linked Incentive (PLI) scheme and the government’s dedication to women’s empowerment in the budget. She emphasized the importance of making resources accessible to women entrepreneurs, foreseeing a wave of innovative solutions and entrepreneurial ventures within the beauty industry.

Pooja Parkar, Founder of Mul Secrets, appreciated the continued tax benefits and simplification of the tax regime, stating that it eases the burden on businesses in the personal care sector. She highlighted the government’s efforts to foster growth, empower women, and support startups and MSMEs, providing a much-needed boost for entrepreneurs in the competitive world of beauty.

Ananya Kapur, Founder of TYPE Beauty INC., highlighted the significant allocation for schemes benefiting women and girls in the budget, noting the morale boost it provides for women-led entrepreneurs in various industries. She emphasized the focus on generating ample opportunities for all, particularly in the beauty and healthcare sector.

Natasha Tuli, Co-Founder & CEO of Soulflower, welcomed the reduction in Tax Deducted at Source (TDS) for e-commerce operators, stating that it will alleviate fiscal pressures on e-commerce enterprises and create a more favorable environment for growth. She emphasized the positive impact of the government’s push on e-commerce for boosting India’s overall economy.

Mr. Puneet Bansal, Co-Founder of Suroskie, highlighted initiatives in the budget supporting the skincare and beauty aesthetics sectors, such as lowering import taxes on raw materials, encouraging domestic production, and providing tax breaks and simpler loan availability for MSMEs. He also emphasized the importance of innovation and digital transformation in driving growth and sustainability within the sector.

Overall, the Union Budget 2024-25, with its emphasis on infrastructure development, women’s empowerment, and support for startups, has received positive feedback from leaders in the beauty and skincare industry. The proposed initiatives are expected to drive growth, stimulate innovation, and promote sustainability within the sector, setting the stage for a promising future.