The publishing sector is going through a significant terrain shift as a result of the digital era. The number of people subscribing to print editions of newspapers and magazines is on the decline, although traditional book publishing is adapting well to the digital age. In 2019, it was predicted that the publishing sector in India was worth roughly INR 500 billion, with the potential for growth to reach INR 800 billion by 2024. Not only does the sector encourage education and learning, but it also provides work for more than 1.2 million people, which is a significant contribution to India’s overall economic growth.
Sustainable and Lucrative Growth
It is essential, but challenging, to create growth that is both sustainable and lucrative over time. The development of effective growth strategies, the specialists are aware of the fact that in this age of transformation, CEOs and other business leaders are burdened with the responsibility of producing maximum value for the stakeholders of their enterprises. We question the validity of preconceived notions in order to build and implement strategies that contribute to increased profitability and long-term value.
The primary growth drivers of the Indian publishing business have been identified as a rise in the total expenditure on education, an increase in the overall enrolment rates of educational institutions, and an increase in the number of government programmes focused on education.
At least 45 percent of the trade books that are sold are done in the many regional languages of India, making this business a booster of Indian culture, values, and excellence. It does this by making the most of the ongoing adoption of digital platforms like e-books written in regional languages to reach a variety of consumers.
Publishing Business is Fragmented and Competitive
With more than 9,000 publishers and 21,000 shops, the publishing business in India is extremely fragmented and competitive. Educational book publishing accounts for the vast majority of the market, whereas commerce book publishing accounts for only a minor portion. In addition, the business world contributes to the diffusion of scientific discoveries. The existence of a significant association between access to sources of published information, such as scientific journals and research papers, and the quality of research output is brought to light in this article.
The publishing sector in India is making substantial progress, but it is still confronted with a number of serious challenges, such as concerns pertaining to copyright and piracy. The illegal distribution of books accounts for 20–25 percent of the whole market and has a detrimental influence on the business as a whole. This has resulted in a decrease in revenue for publishers and a loss of tax money for the government. To combat these issues, India need a robust regulatory framework that clarifies the bounds of copyright infringement and reduces the likelihood of legal ambiguity.
Inefficiencies may be found across the publishing industry’s value chain, including its complicated distribution routes, high expenses, and issues linked to ease of doing business. These inefficiencies all have an impact on the industry’s capacity to remain financially viable. In contrast to more developed publishing marketplaces across the world, the payment receivables cycles in India’s distribution chain are significantly longer. This is a huge challenge for the industry.
Goods and Services Tax (GST)
The Goods and Services Tax (GST) has a significant influence on the regulatory structure that governs the publishing business. In the context of India, where there is no provision for a tax bracket with a zero rate, the imposition of a GST rate of 5% on books has the potential to be advantageous for both the publishing business and the government.
Impact of COVID-19 outbreak
In India, the publishing business has been further shaken up as a result of the COVID-19 outbreak. The implementation of stringent lockdowns resulted in a reduction in sales, which in turn caused publishers’ payments to be delayed and precipitated a precipitous breakdown in the supply chain. The closure of bookshops caused a full halt in the sales of printed books; but, at the same period, there was a huge increase in the number of sales of electronic books.
Digital formats are rapidly becoming important growth drivers for the publishing industry in more established nations such as Norway, the United Kingdom, and the United States. The publishing industry in India is now dominated by print books, with digital versions accounting for only 10 percent of the market. There will very certainly be a shift in the manner in which people obtain their information as a consequence of the growing use of technology in Indian society.
The publishing industry has developed new methods of outreach, formats, and corporate structures in order to remain competitive in the face of shifting socioeconomic and technological breakthroughs. Innovative new business models, such as online shopping, subscriptions, bundle packages, open-access resources, and self-publishing, give new avenues via which a wider target audience may be approached.
The publishing business is an important force in determining the course that India’s future will take. The critical areas where the publishing sector and the government may help one another in order to attain these goals include the building of a knowledge society, the global dissemination of Indian culture and history, and key educational improvement efforts and targets set by the government.
The National Education Policy presents the publishing industry in India with a number of key prospects that should not be overlooked. The strategy would result in a new educational system and place an emphasis on the education and development of teachers, as well as plans to boost the Gross Enrollment Ratio (GER) in higher education and to foster research and innovation by establishing the National Research Foundation (NRF). It would be beneficial for the publishing business to work closely with the academic community to develop, promote, and disseminate high-quality journals to a wider audience. This would also improve the efficiency with which educational information is disseminated.