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The Indian Paint Association (IPA), the apex body of the country’s paint and coatings industry, inaugurated the largest trade event of the estimated US$8 billion Indian Paints & Coatings industry – The 30th & 31st Indian Paint Conference in Goa on Friday, January 20.
In a press conference addressed by stalwarts of the industry, the IPA announced that the Indian Paints & Coatings sector will become an INR 1 Lac Crore Industry in the next five years (From the current INR 62,000 crore). This is in line with the consistent double digit Compound Annual Growth Rate (CAGR) the sector has been achieving over the last few years.
Themed ‘Nutation’ – “Reimagining the Paint Business”, the three-day conference featured discussions and deliberations amongst the best minds of the paints and coatings ecosystem from India and abroad. Around 700 delegates and more than 40 panellists comprising leading business leaders, technology specialists, and other domain experts shared their perspectives on a range of relevant topics concerning this sector. The key thrust of the conference was on ‘reimagining’ or adopting a fresh and innovative approach for sustainable growth of the sector in today’s dynamic times.
The Indian Paint Industry has historically surpassed India’s GDP growth by 1.5 to 2 times. Goa is one of the fastest growing markets within India because of rapid infrastructure growth, which in turn fuels the expansion of the paints and coatings market. The honourable Chief Minister of Goa – Dr Pramod Sawant was scheduled to attend the Conference on the second day to extend his encouragement and support to this vital industry which literally touches lives of people of every point.
“There is a strong positive correlation between the growth of the industry and GDP growth of the country given the sector’s dependence on overall economic activity, including income levels, industrial production, infrastructure, and construction spending. Given India’s strong economic fundamentals, future growth potential, and the newfound zeal for ‘Make in India’ the Indian Paint Industry is poised for a colourful future,” said Mr Ashok Kumar Gupta – President, IPA and MD of Shalimar Paints Limited.
“We are glad to be having this premier Conference at this juncture of tremendous opportunities for the sector for deliberating and chalking out sustainable strategies. Also, we believe no other place could have been more ideal than Goa which is one of the fastest growing domestic markets for our industry. From colourful villas to street art & carnival; colours are an essential part of this nature’s paradise called Goa,” he added.
“With a focused theme like Nutation driving the conference, we have put together a stimulating and thought-provoking business program spread over these three days. We are bringing under one roof global thinkers and speakers of excellence in their fields to lend their valued thoughts on Reimagining the Paint Business to drive sustained growth to the paint industry with a lot of emphasis on Environment, Health, and Safety of all our stakeholders. We hope that the conference will prove to be the point of Nutation for our industry and help us Reimagine the Paint Business for an exhilarating journey into the future, ” said Ms Priya Bhumkar – Convenor, 30th & 31st Indian Paint Conference and MD of Soujanya Color, before the event.
Elaborating on the Paints & Coatings market in Goa, Ms Bhumkar added: “Goa is witnessing an unprecedented infrastructure boom. Tourism is the keystone of Goa’s vibrant economy. However, the presence of robust Pharmaceutical, Mining Packaging & MSME enterprises has ensured that the economy of Goa is driven by multi-sectoral development. Indian paint and coating Industry can play an important role in the success of Goa’s unique progress story.”.
The Conference commenced with a Keynote Speech by Kargil war hero – Lt. Gen. Mohinder Puri, former Deputy Chief of Army Staff, and author of the best seller -Kargil: Turning the Tide. There was also a ‘Fireside Chat’ with Padma Shri Anil Kumble, former Indian Cricket Captain, Coach, and Commentator, who has the distinction of being the most successful Indian bowler of all time.
The three-day Paint Conference also witnessed Technical Paper Awards and Lifetime Achievement Awards. The two-day cultural programme at IPA Conference started with a Bharatanatyam performance by Vaibhav Arekar and Sakhya team, followed by Music by DJ Sandy, and Bollywood Bling by renowned singer – Shaan. There was also a host of Business and Technical Sessions on various topics to give a complete 360-degree view to all stakeholders of the paint industry.