Wednesday, May 22 2024 | Time 10:49 Hrs(IST)
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Business Economy


Govt should bail out Fragrances Industry by announcing fiscal stimulus package : FAFAI

Hyderabad, May 12 (UNI) Fragrances and Flavours Association of India (FAFAI) on Tuesday said the government should bail out the Fragrances Industry by announcing an appropriate fiscal stimulus package, which will stimulate demand rather than only a 3 month moratorium which favours the banks than the enterprises.

Considered as an ancillary industry to FMCG and Food Processing and Pharma industries, the Indian fragrances and flavours industry is well distributed across the country. There are over 1,000 small, medium and large size enterprises operating in this industry - which is in the form of organized and un-organized sector, FAFAI, a National body which represents the Indian fragrances and flavours industry including the traders and dealers involved in this business, said in a release here.

The industry is considered as one of the fastest growing industries globally and a significant competitor to China in terms of exports. However, due to the temporary lockdown in the country, the Indian industry is fearing to lose its ground to China as the latter is currently operating in full swing while we are still in the lockdown, FAFAI President Rishabh Kothari said.

The Indian Fragrances and Flavours industry is currently suffering heavily due to the extended lockdown in the country and the industry has been hit to an extent of 80 per cent besides exports and imports too, he said.

The supply chains are completely disrupted, and the production has been badly hit due to the Coronavirus pandemic spread across India, Mr Kothari said “it will take another 4-6 weeks to resume our operations completely even after the lockdown is lifted.
Supply of manpower will again become a major problem as most of them have gone to their native places, he added.

The government should bail out the industry by announcing an appropriate fiscal stimulus package which will stimulate demand rather than only a 3 month moratorium which favours the banks than the enterprises, otherwise, the industry will acutely suffer apart from losing its competitive advantage in the global markets”, the FAFAI President said.
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