Indian Paint Industry will touch Rs 700 bn by 2021-22: IPA

Indian Paint Industry will touch Rs 700 bn by 2021-22: IPA

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According to Abhijit Roy, President, Indian Paint Association (IPA), Indian paint industry, is poised to cross Rs 70,000 crore in next two years. He believes last year’s GST rate reduction will help in boosting its growth.  The Indian paint industry is currently worth Rs 50,000 crore. He was speaking at the 29th Indian Paint conference (IPA) which is being held in Agra.

The conference was jointly inaugurated today by Sumit Sawhney, CEO & MD – Renault India and 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. 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).

“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. 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,” Roy said.

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.