In a recent dispatch to the government, the domestic newspaper industry pegged its losses in the two months since the onset of coronavirus at close to Rs 4,500 crore and sought a strong stimulus package.
The Indian Newspaper Society (INS), representing over 800 newspapers, said since economic activity had nearly collapsed and there was no advertising, losses were expected to continue at the same rate for the next six-seven months, and additional losses of Rs 12,000-15,000 crore were likely to pile up, unless the government came up with a stimulus package urgently.
The INS reiterated the need for critical relief measures, including removal of 5% import duty on newsprint and a two-year tax holiday, both necessary to save newspapers and prevent them from turning sick. Since newsprint accounts for a very significant proportion of newspaper costs, the INS has appealed to the government for its complete waiver.
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.
In the letter to the government, INS president Shailesh Gupta said newspaper establishments were finding it difficult to disburse salaries to employees and payments to vendors.
As per INS estimates, the newspaper industry directly employs about 10 lakh people, while nearly 20 lakh are indirectly dependent on it. Each has been at the forefront of providing life-saving credible information across the country during the coronavirus pandemic and needed the government’s assistance.
As Published by Times Network
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