90th IBHA Annual General Meeting

“Dear Members,

I extend a very warm welcome to you in participating today at the 90 th AGM of your industry association – IBHA.

At the outset, let me restate IBHA’s commitment to build a high growth, trusted and respected Beauty and Hygiene Industry, known for innovation, quality, safety and sustainability. In addition, we are committed to a way of working based on cooperation, transparency and mutual respect.

The Economy

1) GDP growth forecast: Now at 7% making it one of the highest growing economies, and this level of growth is forecasted for more years to come.
2) Political Stability: The Government, in its 3rd term, has committed to accelerate its investments in infrastructure and in incentives for manufacturing.
3) Recognition of the private sector for development: In a departure from the past, the leadership is recognising the importance of the private sector to make India a developed economy and its crucial role in providing employment (a key focus area). In addition, there are mentions of reducing government
intervention in order to free growth of the private sector.
4) The emergence of a true consuming middleclass ready to improve its quality of life.

We are witnessing the confirmation of two major trends which are in fact our staples:
1) Premiumisation that is broadening over several categories.
2) Digital: Both in terms of marketing and in terms of e-commerce including quick commerce.

We can look forward to several high growth years.

Adding to this is the fact that there does not exist a facilitating ministry for personal care.
Therefore, Ladies and Gentlemen, I am proud to report that in a visionary move, IBHA took the advocacy step beyond the regulators, and embarked on a process
with members of parliament and others who are shapers of policy. We have met with 3 already who are pro development and pro-consumer and totally agree with our elements of regulatory reforms included in our proposal for separate cosmetic rules distinct from Drugs. And this is the beginning.

In another move, IBHA has made representations to GST council members, seeking a reduction in the rate from the current 18% to a lower one. Two important state members have agreed to pass it to the fitment committee, and we are engaged with them to provide additional information. The states are very interested in the woman empowerment and employment that our industry brings to them.

Keeping in the flow of shedding conventional methods of advocacy with the regulators let us apply this to BIS reforms. BIS is here to stay and grow, it has been mandated to support new companies and offer them more quality standards. Our focus should pivot from removal of quality and performance standards to that of helping them make more standards and broadening the parameters of the standards in line with the latest global and local formulations.

Thank you!”