INDIA DEMONETISATION HARMS SALES AND PRODUCTION IN PERSONAL CARE PRODUCT SECTOR
November 1st, 2016
India’s cosmetics and perfumery industry has been severely hit by the demonetisation of higher value Indian Rupees INR500 (USD7.30) and INR1,000 (USD14.70) notes that constituted 86% of the total cash in the country’s economy.
Production within the sector has fallen by 20% since the government unexpectedly announced on November 8 that these notes would no longer be legal tender, Satish Thipsay, chairman of All India Cosmetic Manufacturers’ Association, in Mumbai, told Soap Perfumery & Cosmetics.
When people do not have money for food and ...
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