Growth in PRINT media industry

Print media industry to record 14 per cent growth

New Delhi, June 3

The print media industry recorded a growth of 16 per cent last year and stood at Rs 14,900 crore, according to the Ministry of Information and Broadcasting.Rising literacy across the country has led to a possibility of more growth and expansion in future as well, said Minister for Information and Broadcasting (I&B) P R Dasmunsi.He was addressing a meeting of the parliamentary consultative committee attached to the ministry on 'Growth of Print Media in Liberalised Economy' here on Monday.In a detailed presentation on the growth trend, the minister quoted a recent study of Indian media and entertainment scenario conducted jointly by the Federation of Indian Chambers of Commerce and Industry (FICCI) and PriceWaterhouse Coopers.In 2007, the magazine industry size was estimated at Rs 1,900 crore and registered a growth of 15 per cent over the previous year.In the next five years, the newspaper publishing market is expected to reach Rs 24,300 crore, according to the study.Dasmunsi said that liberalisation in print media was catalysed in June 2002 when the Government allowed 26 per cent foreign direct investment (FDI) into Indian companies engaged in publishing newspapers and periodicals in the news and current affairs sector.He said 100 per cent FDI is permitted in companies engaged in publishing specialty, scientific and technical magazines besides those publishing Indian editions of foreign speciality, scientific and technical magazines.In the past five years, the ministry has given approvals for publication of 284 magazines in this sector, said Dasmunshi.

PTI