Agra, Jan 11(GCBusiness) The Indian paint industry, currently worth Rs 50,000 crore, is poised to cross Rs 70,000 crore in next two years with decrease in the GST rate boosting its growth, the Indian Paint Association (IPA) claimed here on Friday.
The 29th Indian Paint conference (IPA) in the Taj city was jointly inaugurated today by Mr Sumit Sawhney, CEO & MD – Renault India and Mr Jayant Krishna, Former Executive Director & Chief Operating Officer, National Skill Development Corporation (NSDC) in the presence of stalwarts from the Indian paint industry and senior officials from industry bodies like CII.
Speaking on the occasion, Mr Abhijit Roy, president – IPA underlined, “We are delighted to be organising the largest trade show of the paint industry in the country in a colorful city like Agra. The Indian Paint Industry, currently valued at around Rs 50,000 crore, is poised to grow at a healthy rate and expected to reach around Rs 70, 000 crore by 2021-22. There is a strong co-relation between the Indian Paint Industry and the GDP growth of the country. It has historically surpassed India’s GDP growth by 1.5 to 2 times.”
Mr Roy said ,“Although the implementation of GST regime came in as a challenge, the reduction
of GST rates from 28 per cent to 18 per cent has come in as a breather for the paint industry”.
During the inauguration of the three-day event, Paint & Coatings Skill Council (PCSC), a body affiliated
with IPA announced the launch of an Apprenticeship Training Programme in association with National Skill Development Corporation (NSDC) for developing skilled manpower for the industry.
“Skill development has always been one of our prime focus areas. The paint Industry spearhead by the IPA and PCSC has taken big strides in skilling across the country and today our painters have been exposed to not only national but also international painting best-practices”, elaborated Mr Roy.
The theme of the 29th Indian Paint Conference to be held till January 13, is ‘Paint Pe Charcha – Naye Aayaam’ signifying in-depth deliberations (Charcha) to discover new dimensions (Naye Aayaam). The conference will witness knowledge sharing sessions from leading paint industry stalwarts from India in addition to select global speakers.