Foreign Direct Investments (FDI) in Beauty & Wellness Products in India-1: Lawyers Advice on Foreign Investments in India | Law Firm for Foreign Investments in India | FDI Attorney in India | India Business Entry | Legal Advice for Foreign Investors in India
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Entering Indian Markets:
• 100% FDI in medical strategies for investments in brown-field projects is allowed under the government route.
• 100% FDI in healthcare sector in India is allowed under the automatic route for green-field projects.
Best Locations:
• Delhi
• Maharashtra
• Karnataka
• Kerala
Achievements made by Indian Corporations or in India:
• Gymnasiums and Fitness Centres (Regulation) Act, 2017 was introduced in Rajya Sabha.
• The salon industry is growing at a CAGR of 27%-30% of an estimation of US$ 3.8 billion since 2017-18.
• Roughly 30% of the beauty and wellness market is covered by salons.
• Women in India are contributing to more than 85% of the total industries revenue.
Demand in the Market:
• The government promised to ease borrowings process under the MUDRA scheme. The quest for beauty and wellness is creating employment which was also recognised by the Skill development minister.
• The employment is created and the women’s participation is increasing under the MUDRA scheme
Existing Notable Players in the Market-Domestic & Foreign:
• Dr. Batra
• Dabur
• Himalaya
• Vlcc
• Yakult
• Kellogs
• Amway
• Gold’s Gym
Applicable Laws:
• Consumer Protection Act, 2019: applies to all goods and services, excluding goods for resale or for commercial purpose and services rendered free of charge and under a contract for personal service.
• Drugs and Cosmetics Act, 1940: This act regulates the import, manufacture and distribution of drugs in India.
• Drugs and Magic Remedies Act, 1954: This act controls the advertising of drugs in India.
• Prevention of Food Adulteration Act, 1954: This act regulates the prevention of adulteration of food.
• The Food Safety & Standards Act, 2006: This act consolidate the laws relating to food for laying down science-based standards for articles of food and to regulate their manufacture, storage distribution, sale and import.
Documents and Agreements:
• Document to ensure quality of drugs or cosmetics to be imported.
• Non-Disclosure Agreement in regards to trade secrets, functioning of the company, etc.
• As per the Drugs and Cosmetics Act, the Licensee must maintain the following records:
a) Client/ donor enrolment / agreement record
b) Client/ donor enrolment / agreement record
c) Collection of unit and transportation record
d) Master record of stored unit;
e) Unit Release Register;
f) Stock Register for Blood Collection Bag Cryoprotectant and Preserving, RBC Sedimentation Enhancer;
g) Stock Register for Diagnostic Kits, Reagents and other consumables;
h) Record on feedback after use of cord blood / Adverse reaction record
Authored By: Adv. Anant Sharma