new Delhi. In the midst of the Kovid-19 epidemic, the country's sun-incense sticks business of fifteen thousand crore rupees is growing at 15 percent annually and attracting investors. This labor intensive industry says that even in this difficult time of corona virus infection, there is not much impact of any epidemic on people's faith, worship and the demand for worship material has increased among common people.
Sanjiv Nair, director of Agarbatti company Mod Retail and Marketing, said in a statement that the domestic market of incense sticks and incense is worth Rs 15,000 crore and is growing at a rate of 15 per cent annually. He said that the region is attracting new investment. According to the industry, the current demand for incense in the country is 3,000 tonnes, while the supply is half that. The rest of the goods have been coming from countries like China and Vietnam. Nair said that investors are getting attracted to the incense-agarbatti industry.
He said that the investors of foreign countries in the Prabhu Shriram (PSR) brand, the flagship brand of Mode Retail, have achieved a total investment of about 100 crore rupees or committed. Several investment agreements are being finalized.
PSR intends to gain significant market share in the incense sticks business in the next two years. It has set a target of expanding its business to medium and small towns. To increase the domestic supply of agar lights, the central government is also providing subsidy to incense sticks and incense industry under the self-reliant India campaign.
This post was published on August 18, 2020 12:38 pm
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