Newspaper industry lost Rs 12,500 cr in the last 8 months: INS
L Adimoolam, President of The Indian Newspaper Society (INS), has urged the Government of India to announce a stimulus package for the newspaper industry, which INS has been seeking for the past few months.
He has pointed out that the newspaper industry is facing an unprecedented crisis with its revenue streams, as both advertising and circulation have been severely impacted by the COVID-19 pandemic. As a result, many of the publications have either shut down or suspended some of their editions, indefinitely. In a statement issued, Adimoolam said, “If this situation prevails, many more will be compelled to close their operations in the near future. In the past 8 months, the industry has already lost around Rs 12,500 crore and the annual loss is likely to be around Rs 16,000 crore.”
He warned that the downfall of the fourth pillar of the world’s largest democracy will have severe socio-political repercussions, as well as affect its 30 lakh workers and staff, who are directly and indirectly involved in the newspaper industry as journalists, printers, delivery vendors and many others. “The devastating ripple effect of the collapsing newspaper will impact lakhs of Indians, including employees and their families, as well as the larger eco-system of allied industries, printing presses, distribution supply chain, including newspaper vendors and delivery boys, etc. who have for decades, been earning their livelihood from these operations,” Adimoolam added.
The Indian newspaper industry has played a vital role in the dissemination of verified and factual news in these challenging times, which has been duly acknowledged by the Supreme Court and functionaries, from time to time.
The entire industry is putting in its best efforts to bounce back and now looking forward to the Government to provide the much needed stimulus package by including removal of residual 5 per cent customs duty on newsprint, GNP & LWC paper, 2 years tax holiday, 50 per cent increase in the Government advertisement rates, 200 per cent increase in the Government spend on print media and immediate settlement of outstanding bills of advertisements released through BOC and State Governments, as this is the need of the hour.