Despite the current economic slowdown, the Indian wellness services market is expected to remain buoyant. The market was valued at Rs 27,000 crores in 2008 and has an expected average growth rate of 20 per cent year-on-year till 2012.
Keeping this in mind FICCI and Ernst & Young brought out a research in which they studied this industry very closely in terms of growth and potential for the future. FICCI launched the FICCI Wellness forum and the attendees comprised industry veterans across all seven verticals constituting products and services, alternative therapies, beauty, counselling, fitness/slimming, nutrition, rejuvenation and allopathy. Some of the attendees were Sushil Jiwrajka, chairman, FICCI-WRC; Farrokh Balsara, partner and director Ernst &Young; Dr Muffaddal Lakdawala, head surgeon, Bariatic Surgery-Saifee Hospital; Leena Mogre, director, Leena Mogre's Fitness; cosmetic physician Dr Jamuna Pai; Nisha Jhaveri, owner of Myrah Spa; Nawaz Modi Singhania of Body Art; Ramesh Chauhan of Parle Group; actor Milind Soman; industrialist Vijaypath Singhania; Narinder Kumar, group CFO VLCC; Vivek Saraswat of Vichy; food critic Rashmi Udaysingh; ex-model Lubna Adams and many more.
Jiwarajka, said, "We are very excited about this venture. The FICCI Wellness Forum will play a pivotal role in enhancing assurance on quality of services provided. It will help organisations create business models which are dynamic and financially viable and shall finally focus on enhancing quality, creating awareness and promoting India as a wellness destination."
Balsara added, "Indian players have forayed into the wellness industry, the potential still remains largely untapped. Now it has become imperative for players to identify opportunities and challenges to derive solutions. Thus the FICCI Wellness Forum comes at an apt time and will play a crucial role in helping this important segment grow."