Newspaper industry could face losses of up to Rs 15,000 cr if relief not provided: INS to govt

May 01, 2020 23:29

The Indian Newspaper Society has urged the government to provide a strong stimulus package to the newspaper industry which it said has lost over Rs 4,000 crore and is likely to suffer further losses of up to Rs 15,000 crore in the next six to seven months, if relief is not provided.

In a letter to the Information and Broadcasting Secretary, the INS said the newspaper industry is among the worst affected in India with hardly any revenues coming in from either advertising or circulation amid the nationwide lockdown in the wake of the coronavirus pandemic.

"The newspaper industry has already lost Rs 4000-4500 crore in the last two months. Since economic activity has nearly collapsed and there is no likelihood of advertising from private sector, the losses are expected to continue at the same rate for the next 6-7 months (implying an additional loss of Rs 12,000 - 15,000 crore over the next 6-7 months)" unless a strong stimulus is implemented by the government at the earliest, the letter signed by INS president Shailesh Gupta said.

INS also urged the government to withdraw five per cent customs duty on newsprint.

The losses already incurred have had very severe repercussions for the 30 lakh workers and staff who are directly and indirectly involved in the newspaper industry -- journalists, printers, delivery vendors and many others, said INS, which represents over 800 newspapers.

According to INS estimates, newspapers provide direct and indirect employment to almost nine to 10 lakh people and over 18-20 lakh people respectively.

-- PTI

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