Indian print media stares at Rs 15,000 crore loss. In an unprecedented crisis due to COVID-19 pandemic, the newspaper industry has sought the government a stimulus package and immediate relief measure to tide over the situation.
The Indian Newspaper Society (INS) representing over 800 newspapers has reiterated they are expected to witness the same situation for the next six-seven months, apart from incurring losses of Rs 12,000-15,000 crore, unless the government steps up and pays up the package urgently.
INS president Shailesh Gupta underscored that newspaper firms are finding it difficult to give out payments to employees due to coked cash flow and economy crisis.
What INS Wants
- The INS has sought removal of 5% import duty on newsprint and a two-year tax holiday.
- The apex body for newspapers also said that apart from extending all relief being granted to other industries, the government should increase advertising rates in print media by 50% and ramp up its overall budget spend on print by 200%. The INS also said all outstanding advertising dues of the central and state governments should be settled forthwith.
As per INS, the newspaper industry directly employs about 10 lakh people, while nearly 20 lakh are indirectly dependent on it.
