Indian publishing will be an industry of Rs 800 billion by 2024: EY Parthenon
Considering the major players in the publishing industry, India is dominated by educational book publishing with a small share of commercial book publishing. There are some 250 million students at the school level and over 35 million at the tertiary level.
These students mainly rely on books as a means of learning. Thus, the Indian publishing industry is an integral part of the Indian education system. In addition, the report also highlights that there is a strong correlation between access to published sources of information, such as scientific journals and research articles, and the quality of research results. Industry contributes to the dissemination of scientific research and plays an essential role in the advancement of research and development.
The publishing industry promotes Indian culture, values and excellence by enabling the continuous production of knowledge in regional languages. It also capitalizes on the opportunity for continued adoption of digital platforms such as e-books in regional languages to reach various audience segments.
Although there is a paradigm shift towards digital media adoption, print books currently dominate (90%) the publishing landscape in India. According to industry participants, digital formats represent a very small share or 8-10 percent of the market. However, e-books and audiobooks are expected to be critical growth engines and have a bright future in the industry.
With changing customer preferences and India’s socio-economic and technological landscape, the publishing industry is innovating new delivery modes, formats and business structures, the report says.
New business models including online retail, subscriptions, packages, open access resources and self-publishing are emerging in the industry. This provides innovative channels to reach a wider target audience and thus changing the way publishers operate.
Despite the progress made in the country, the publishing industry in India faces some legal challenges – piracy and copyright issues. To meet these challenges, India needs a strong regulatory ecosystem for copyright, the report says.
Given the business landscape in India, private publishers face significant competition from state-owned publishers. On the other hand, regulations or standards for the use of state-issued materials vary across the country, preventing the industry from operating as a free market.
When it comes to India’s regulatory landscape, the publishing industry is witnessing a huge impact of the GST. In the Indian scenario where there is no such thing as a tax-free slab, the introduction of a five percent GST on books can benefit both the publishing industry and the government, according to the report.
The report notes that the publishing industry plays a vital role in shaping India’s future. The key goals of improving education and government initiatives, the creation of a knowledge society and the global dissemination of Indian culture and heritage present how the publishing industry and government can support each other mutually to achieve these goals.
One of the biggest opportunities for the Indian publishing industry is the National Education Policy (NEP). The change would lead to the new curriculum and the release of associated teaching-learning materials where the publishing industry will need to provide additional textbooks and resources for parents, students and teachers to adapt to the new curriculum. , indicates the report.
In addition, a thriving research culture also demands an increase in the publication and distribution of quality research journals. The publishing industry could actively collaborate with the research community to design, market and distribute quality journals to a wider audience.
In addition, the publishing industry can also work with government and private organizations to offer diverse content in multiple languages at different prices, and to enable better access and affordability for end users. It can support the publication of textbooks in regional languages to align with the NEP.
Commenting on the report, API President Neeraj Jain, Managing Director of Scholastic India, said: “We are delighted to publish this report as it aligns with our mission to represent the views of members and others. associations with stakeholders, government and society in general. on the industry value proposition. Through this report, we look forward to witnessing the opportunities that are highlighted and yet to be seized in the market. ”
“The publishing industry has a bright future in India. Encouraging publishers’ participation in policy-making reforms relating to the publishing industry and government intervention to overcome regulatory challenges is expected to transform the current landscape. Besides implementing immediate reforms, the government could also facilitate long-term human capital growth, ”said IPA General Secretary Subrahmanian Seshadri.