New Delhi: With the newspaper industry facing an unprecedented crisis following the Covid-19 pandemic, the Indian Newspaper Society's (INS) chief L Adimoolam has urged the central government to announce a stimulus package for the sector.
Adimoolam, president, INS, has pointed out that the newspaper industry has been facing a crisis with its revenue streams, as both advertising and circulation have been severely impacted by the pandemic.
The INS has been seeking a stimulus package to tide over the crisis for the past few months.
“Many of the 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 Rs12,500 crore and annual loss is likely to be around Rs 16,000 crore,” Adimoolam said in a press release.
He said the downfall of the fourth pillar of the world’s largest democracy will not only have severe socio-political repercussions but also affect its 30 lakh workers and staff, who are directly and indirectly involved in the newspaper industry as journalists, printers and delivery vendors among others. The collapse of the newspaper industry will also have its ripple effect on the larger eco-system of allied industries, he pointed out.
“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,” he said.
The proposals for the package includes removal of residual 5% customs duty on newsprint, GNP & LWC paper, a two-year tax holiday, 50% increase in the government advertisement rates, 200% increase in the government spend on print media and immediate settlement of outstanding bills of advertisements released through BOC and state governments.
