The loss predicted to Rs. 15000 crore in seven Months, INS demanded to abolish import duty on Newsprint
Hill Quest Research Desk
Mumbai, May 30
The print industry had faced economic crisis due to Corona virus pandemic as well as a decrease in advertising revenue following custom duty on news print. The Indian Newspaper Society (INS) has estimated that the print media industry has lost about Rs 4,500 crore in March and April due to lack of advertisements.
The INS has expressed fears that the print media industry may continue to suffer for the next seven months. It had estimated the loss to Rs 15,000 crore in coming months. The INS said had urged the government that a a good incentive package could only save the print media from extinction.
President of the Indian Newspaper Society, Shailesh Gupta said that due to losses, newspaper companies are unable to pay salaries of their employees and vendors.
The he had reiterated its demand for removal of import duty on newsprint and non-levy of tax for two years.
The newspaper body had also urged the government to increase the advertising rates of Bureau of Outreach and Communication by 50 percent and also increase the budget expenditure by 200 percent.
The INS had appraised the government that crisis would not only affect the people connected with print media but would also on the entire supply system connected with it.