India’s industry has been disrupted by the demonetisation of INR500 and INR1,000 notes
India’s cosmetics and perfumery industry has been severely hit by the demonetisation of higher value Indian rupee – INR500 (US$7.30) and INR1,000 ($14.70) – 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 8 November that the notes would no longer be legal tender, Satish Thipsay from the Mumbai-based All India Cosmetic Manufacturers’ Association told SPC.
When people do not have money for food and medical treatment, buying cosmetics or perfume is a luxury, said Nivedita Assar, President of the Fragrance & Flavour Association of India, also in Mumbai.
“The whole production and supply chain is . . .
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