Print media seeking the loss of Rs 15 billion needs help: INS
NEW DELHI: In a recent submission to the government, the national newspaper industry calculated its losses in the two months since the start of about Rs 4.5 billion rupees and sought a strong stimulus package.
The (), representing more than 800, said that because economic activity had nearly collapsed and there was no advertising, losses were expected to continue at the same rate for the next six to seven months, and that additional losses from Rs 12,000-15,000 crore likely to pile up, unless the government urgently presents a stimulus package.
The INS reiterated the need for major relief measures, including the elimination of the 5% import duty on newsprint and a two-year tax exemption, both necessary to save newspapers and keep them from getting sick. Since newsprint represents a very significant proportion of newspaper costs, the INS has asked the government for its full exemption.
The lead agency for newspapers also said that, in addition to extending all relief granted to other industries, the government should increase print advertising rates by 50% and increase its overall budget spending on print by 200%. . The INS also said that all outstanding advertising quotas from the central and state governments must be resolved immediately.
In the letter to the government, the INS president said newspaper establishments found it difficult to disburse wages to employees and payments to vendors.
According to INS estimates, the newspaper industry directly employs about 10 lakh people, while almost 20 lakh indirectly depend on it. Each has been at the forefront of providing credible life-saving information across the country during the coronavirus pandemic and needed government assistance.