Union Budget 2025 | 'Incentivizing export growth will enhance paint industry's global competitiveness,' says Kuldip Raina, Director of Sales and Marketing, Shalimar Paints

'With heightened investments in construction, including housing, cement, and steel, along with targeted fiscal policies, the (paint) industry looks for robust growth.

Union Finance MInister Nirmala Sitharaman is set to present the Union Budget on February 1 in the Lok Sabha. The Economic Survey by the Finance Ministry will be released on January 31.

In this context, several industry leaders have opened up about their expectations from the Budget.

Mr. Kuldip Raina, Director of Sales and Marketing at Shalimar Paints, said, "As we approach Budget 2025, the paint industry is optimistic about government measures that will drive growth and sustainability. With India’s GDP poised for significant expansion and the development of smart cities, the growth in real estate is expected to further fuel demand in decorative and industrial paints. Despite this growth, India’s per capita paint consumption remains lower as compared to developed nations, reflecting immense potential for market expansion."

"New renovating trends, including shorter repainting cycles, are driving demand in the decorative paints segment, reflecting evolving consumer preferences and driving sustained market growth. Additionally, government schemes such as PMAY (Grameen) and increased spending on infrastructure projects will boost industrial paint demand, driven by economic growth and growing disposable incomes," he said.

Raina added, "Reducing import duties is crucial for sustained growth, given the industry's reliance on imported resins and chemicals. Offering titanium discounts on key raw materials can ease cost pressures and improve production efficiency. Coupled with incentives for rural penetration, such measures will help bridge gaps in untapped markets, driving demand in rural areas."

"We also advocate for policies that stabilize raw material supply, encourage R&D through tax benefits, and provide subsidies for technological upgrades. These steps will reduce production costs, lower energy expenses, and enable greater industry participation," Raina said.

"Incentivizing export growth will enhance industry's global competitiveness and strengthen India's position in the international market. Export promotional incentives can provide much-needed support for Indian paint manufacturers to expand their global footprint. At the same time, increased research funding for sustainable and eco-friendly solutions will align with the 'Viksit Bharat' vision while ensuring the industry adheres to global environmental standards."

"Budget 2025 has the potential to be a turning point for the paint industry. With heightened investments in construction, including housing, cement, and steel, along with targeted fiscal policies, the industry looks for robust growth. These measures will not only support fiscal deficit reduction goals but also significantly contribute to India's economic development," he further said.

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.