India's paint industry recorded one of the worst years in FY 2016-2017 because of the demonetization exercises performed by the country's government in Nov 2016. The slowdown persisted in 1Q and 2Q FY 2017-2018 (Apr 2017-Sep 2017) because of the start of Goods & Service Tax (GST) on 1 Jul 2017. The Indian paints production reached 4.25 M tonnes during FY 2015-2016, posting a growth of 5% year-on-year. In terms of value, the paint industry increased by around 8% to Rup 43.5 bn of which the decorative and industrial paints share was 74% and 26%, respectively. In value terms, the industry recorded at a CAGR of 12.9% from FY 2011-2012 to FY 2014-2015. The per capita consumption of paints in India is at 3.23 kgs. Repainting accounts for around 70% of the overall paint demand in India.
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