MAM
Local paint industry looking at bright future: Kamdhenu Paint’s Saurabh Agarwal
NEW DELHI: The Indian paint idustry, pegged at Rs 50,000 crore in total value, is coping with tough times these days, consequent to the extended lockdown condition and interrupted economic activities in the country. According to Kamdhenu Paints director Saurabh Agarwal, the prospect for the industry is not going to be good for the current year.
“The pandemic and lockdown conditions enforced throughout the country has caused significant problems to local businesses having to maintain their fixed expense such as salary payments to their staffs, rental obligations of shops or offices etc. Further, local business is also looking at a massive shortage in the availability of labour in the markets as migrant workers have left the cities and head to their home towns,” he told Indiantelevision.com.
However, Agarwal believes that the industry is looking at a bright future ahead as there will be tremendous growth prospect for all Indian paint companies, courtesy the ‘Vocal for Local’ campaign, initiated by the Indian government.
He told Indiantelevision.com that the paint industry is greatly dominated by Indian players. “Domestic brands have a market share of about 75 per cent to 80 per cent of the paints industry while the rest is made up by international companies operating in the country. The promotion of the ‘Vocal for Local’ campaign will have a positive impact on Indian paint companies as branded customers will now be focusing on domestic companies rather than going for products of international players.”
The brand has taken extensively to raise the support and awareness towards the motto of popularising local brands in India. It also launched a new social media campaign to amplify the message of buying local and self-reliance.
Agarwal shared, “The main idea behind the various social media campaigns that we undertake is to support the call made by our PM. It is a good opportunity for all Indian industry to come forward and support this campaign. It is also our moral duty to encourage our fellow countrymen to buy only 'Made in India' products.”
He showed confidence in the fact that with such campaigns, Kamdhenu Paints will be able to add new consumers to its portfolio.
Elaborating more on the consumer behaviour towards the local brands, Agarwal quipped, “Consumer buying behaviour can be broadly categorised into two. One category is the brand-conscious buyer that will only buy brand names and the other is the price-conscious buyer who will buy products that give him the biggest bang for the buck. By adopting better standards in the manufacturing process local brands can produce competitive products with quality that are at par with the best. Improving quality in production by local brands can attract both the brand-conscious buyer and the price-conscious buyer as high-quality local brands will be available to consumers at very economical prices which suits their pocket.”
Agarwal also praised the government support, which has been extended in the past few weeks. “The government has announced a very good package for the economy. I am sure it will have a positive impact on economic recovery as we come out of the lockdown restrictions. The result may however not be visible instantly as the impact of the initiative will take some time to percolate through.”
However, he also feels that as we emerge from the shadows of the lockdown and the economy slowly begins to pick up, the government needs to do more as this is not a one-shot cure and more needs to be done to prop up the economy.
He concluded, “The government can look at giving some relaxations in tax slab that can help cushion everyone from the impact of the pandemic. They might consider giving some relaxation in tax slab for all individual, an interest waiver for full-year on EMI of all types of loans, direct benefit transfer of some amount directly to low salary workers in both organised and unorganised sector, compensation of rent for all low-class employee or migrant labourers and arrangement of shelter homes for all migrant workers with provision for food and stay facilities.”
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
