New Delhi: Beauty & Wellness sector is set to provide opportunities for close to 3 crore people by 2030 and contribute to a 5 lakh crore industry with significant prospects across the Asia-Pacific (APAC) region, Union Minister of State for Skill Development and Entrepreneurship (Independent Charge), Jayant Chaudhary, said on Tuesday.
At the third convocation ceremony organised by the Beauty and Wellness Sector Skill Council (B&WSSC), the Minister met and congratulated all 270 candidates who have been certified under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0 and various CSR projects under Skill India.
The ceremony witnessed the certification of people from the LGBTQIA+ community and acid attack victims, highlighting the importance of establishing an inclusive, diverse and holistic skill ecosystem.
“It is encouraging to know that over the past nine years, B&WSSC has achieved remarkable milestones, creating 106 job roles with a strong focus on women empowerment and entrepreneurship,” the Union Minister said.
Under PMKVY, a flagship scheme of Skill India, B&WSSC has trained 4.89 lakh individuals, with 1.34 lakh certified under Recognition of Prior Learning.
The Beauty & Wellness sector, globally acknowledged as a sunrise industry, is witnessing unprecedented growth.
According to the 2023 skill gap study conducted by KPMG, the Indian Beauty & Wellness sector exhibited a robust Compound Annual Growth Rate (CAGR) of 18.2 per cent between 2018 and 2022, surpassing the global CAGR of 17.6 per cent during the same period.
The sector is now poised to grow to about Rs 2,77,000 crore by 2025, and is anticipated to reach Rs 5,00,000 crore by 2030.
–IANS