Books have long been recognised as one of the most significant forms of media for the cultivation and dissemination of human ideals. They serve as the impetus for a nation’s overall progress and development. They make a record of novel concepts, maintain and spread information, educate and instil values in their students, and contribute to an individual’s entire growth and development. India’s book publishing business is considered to be one of the top seven in all of the world’s book publishing industries. After the United States and the United Kingdom, India is the third largest market for publications written in English, with an estimated value of 10,000 crores.
Fundamental Changes in the Character of the Sector
The advent of the digital era brought about fundamental changes in the character of the sector. Because of India’s highly qualified workforce and the country’s rapid technological improvement, India has become a significant outsourcing centre for print and pre-publishing services all over the globe. This is true whether the service in question is print, design, or editing. The industry has a huge amount of untapped potential, not only in the home market but also in international trade.
A Compound Annual Growth Rate (CAGR) of 30% is being seen in this industry as of right now. The significance of the Indian market has been acknowledged on a global scale, to the point that the London Book Fair in 2009 focused its attention on the Indian market specifically. This industry had a modest beginning under the surveillance of the British government, but it now produces 90,000 new books each year in 24 different languages, including English.
Publishing Industry in India is highly fragmented and hierarchical
The publishing industry in India is highly fragmented and hierarchical, with different regions catering to different languages. The Indian publishing sector has a lot of room for growth and innovation because of the country’s 24 official languages, including English. The Indian languages of Hindi and English together account for more than half of all titles published in India, with Hindi accounting for around 26 per cent of all titles and English coming in second with 24 per cent. The Indian government has a significant share of the textbook publishing industry. Before the National Council of Educational Research and Training (NCERT) was established in 1961, a small group of international publishers had a dominant position in the Indian textbook industry. At the moment, the National Council of Educational Research and Training, the State Text Book Boards, the National Book Trust, and the Publishing Division are all amalgamated to form the biggest publisher in the nation.
In an effort to turn India into a publishing powerhouse and capitalise on the country’s large pool of English-speaking technical labour, the government has decided to permit 100 per cent foreign direct investment in the country’s various publishing businesses. The book publishing sector suffers from a severe lack of available research information. The capacity of the industry has been estimated in a number of different ways by a number of different people. However, the vast majority of them are unable to provide the full potential of the industry. In light of this limitation and the fact that the knowledge sector in India is expanding at an exponential rate, it is crystal clear that the Indian publishing industry in India is truly a colossus—a giant in slumber, which needs to be awakened and given its due status and identity. This conclusion can be reached because of the fact that the knowledge sector in India is growing at an exponential rate.
Requirements of the Publishing Industry
The requirements of the publishing industry in the following ways, bearing in mind the enormous significance of books and the vast potential of the publishing sector:
- Address the major concerns that are now being faced by the publishing business, both in terms of trade and policy, and seek to advocate for these issues.
- Assume a leading role in the publishing industry, both in terms of business and policy.
- Represent the publishing community in India in international events and explore business prospects for Indian publishers outside of the country.
- Encourage the development of thriving library infrastructure in India.
- Determine where the industry is lacking, and then work to fill those gaps with new chances for capacity creation.
Programs should be conceived of and developed such that the publishing industry may get assistance and profit from them. With the intention of catering to the needs of the industry, FICCI began organising PubliCon in the year 2011. The legislative and regulatory problems that are of the utmost importance to the publishing sector were the primary focus of the programme. Additionally, trade-related concerns, the National Book Promotion Policy, intellectual property rights, digital publishing, the revitalization of libraries, the export potential of the business, children’s books, and other topics were discussed during the conference.