Mr. Priyank Shah, Co-Founder, Renee Cosmetics

As we step into the fiscal year 2024-25, all eyes are on the forthcoming Union Budget announcement, eagerly anticipating its impact on various industries. Within this landscape, the Indian beauty market stands out, poised for a remarkable 40% expansion by 2026, solidifying its position as the 4th largest beauty market globally, fueled by a population of 1.4 billion people.
The surge in demand within the beauty industry goes beyond mere numbers; it signifies a profound transformation in beauty standards. With increase in disposable incomes and a heightened emphasis on personal grooming and well-being among Indian consumers, this shift is undeniable. Simultaneously, the rise of Direct-to-Consumer (D2C) brands is notable, and in this budget, we eagerly anticipate regulations that will support and nurture this burgeoning sector.
In the upcoming budget, we look forward to policies that support startups, and bring about tax changes. We hope for tax relief until the company achieves a certain revenue milestone. The beauty industry will be growing at a massive rate, so we suggest that the government consider enhancing working capital for e-commerce supplies. Our aim for the budget decisions is to shape a beauty business that meets the diverse interests, values, and aspirations of today’s customers.