IT Correspondent
New Delhi, Dec 13:
Indian Newspaper Society (INS) has urged the government to announce a stimulus package for the newspaper industry, which is facing an unprecedented crisis with both advertising and circulation severely impacted by the Covid-19 pandemic.
In a statement, INS President L Adimoolam has stated that many publications have either shut down or suspended some of their editions, indefinitely. If this situation prevails, many more will be compelled to close their operations in the near future. In the past eight months, the industry has already lost around Rs.12,500 crore and annual loss is likely to be around Rs.16,000 crore.
The devastating ripple effect of the collapsing newspaper industry 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, who have for decades, been earning their livelihood from these operations, said an INS statement. Thirty lakh workers and staff, are directly and indirectly involved in the newspaper industry as journalists, printers, delivery vendors and many others.
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.
INS said the entire newspaper industry was putting in its best efforts to bounce back and now looked forward to the government to provide the much-needed stimulus package. The package should include removal of residual 5% customs duty on newsprint, GNP (uncoated paper) and LWC (light weight coated) paper, two-years tax holiday, 50% increase in government advertisement rates, 200% increase in government spend on print media and immediate settlement of outstanding bills of advertisements released through the Bureau of Outreach and Communication (BOC) and state governments.
