India’s newsprint imports fell from 13,84,056 kg in the financial year 2017-18 to 5,97,766 kg in 2021-22, union information and broadcasting minister Anurag Thakur informed the Lok Sabha on 26 July.
Newsprint cost up 20 pc in 3 months; publishers seek waiver in customs duty
NEW DELHI, Jan 17: Cost of paper used to publish newspapers and magazines has jumped 20 per cent in the past three months due to demand-supply imbalance following the pandemic, prompting news publishers to rush to the government seeking waiver of 5 per cent import duty to help cut cost.
An industry that was facing headwinds from a slowing economy even before the pandemic, was hit hard when most readers stopped buying newspapers and magazines on fears of them being carriers of viruses.
While there are no medical studies that have established the virus transmission theories, sales did not pick up even after lockdown restrictions were relaxed, industry leaders said.
As newsprint prices go up, industry seeks help from government Ahead of the 2021 Union Budget, the Indian Newspaper Society (INS), the Indian Newspaper Society (INS) has asked Union finance minister Nirmala Sitharaman to help print media tide over the crisis that the pandemic caused, by removing customs duty on newsprint imports and a stimulus package for the industry, including releasing government advertisements to publications at rates that are 50% higher.
With the pandemic affecting circulation and ad revenue many newspapers have already shut shop and those still in business are now looking to the government to bail them out. The print industry feels it is time the government to extend a helping hand for them to stay afloat.