INS seeks concessions for newspapers in July budget
Ahead of the Union Budget in July, Indian Newspaper Society president Rakesh Sharma met finance minister Nirmala Sitharaman to raise issues related to the print industry and submit its set of demands.
Media reports said Sharma raised the issue of 5% duty on newsprint, which puts financial burden on newspapers, and the 18% GST on e-newspapers. The full Budget is expected to be presented on July 22. The Interim Budget 2024 was presented ahead of the Lok Sabha elections.Â
In the Interim Budget, Sitaraman allocated Rs 4.342.55 crore to the Ministry of information and broadcasting (MIB), 7.44% down from Rs 4,092 crore allocated in the previous fiscal.Â
Indian Printer and Publisher has already reported how the industry, a bedrock of information dissemination, is grappling with a myriad of challenges that have cast a shadow over its stability and growth. The Covid-19-induced lockdown had dealt a severe blow to the industry which was already going through a slowdown.
In 4 March, INS has appealed to the Indian government to reconsider the 5% import duty on newsprint, signaling a critical need for support.Â
With the Indian newspaper sector heavily dependent on imports (constituting 50% of the total demand), the duty has become a significant impediment to the industry’s smooth operation.Â
Of the 2.2 million tonnes per annum consumption of newsprint in India, about 1.5 million tonnes are met through imports, as per data from the Indian Newsprint Manufacturers Association.
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