Summary: This memo report intends to inform you on important updates about the printing and publication industry in India and how it connects to your business. It will cover important aspects of your business such as competition, recent activities, growth projections of the industry, legislation affecting the industry among other important points.
Introduction
The printing and publication industry in India is expected to grow at a high and increasing rate. The high demand for printing services in India is attributed to; the bigger knowledge of English language, increase in the level of literacy, the aged anxiety for knowledge and the rising number of nuclear households. It is a highly competitive industry in India with an additional demand from other countries preferring to outsource the printing jobs to the country. The country is one of the biggest markets for magazines as well as newspapers. Out of the 100 fast circulating newspapers in the world, 17 of them are published in India. The Hindi magazines recorded 5350 publications in the period 2004-2005. This statistics present promising prospects for your business. Digital publishing is a current trend in the industry that the businesses need to adopt. This report will look into the important aspects of the printing and publishing industry in India highlighting the most important aspects.
Over the past years the printing industry has prospered in India attributed by the improvements in technology advancements as well as machinery. According to Kshetri (2011), “ the arrival of computers has complemented the printing business and has played a vital role in increasing its status.” These advancements have led to the establishment printing and publishing business all over the country creating competition among the players of the sector.
For one to survive the competitive industry they need to create a business reputation increasing customer loyalty. Considering that the increasing demand of printing and publications needs in the country, locating the business in major towns will perform supernormal and triumph (Storey, 2010). This will be possible through developing better infrastructure for example, the multicolor printing. Investment in well skilled personnel with the latest printing machinery will make a company shine in the industry over other competitors. Competition in the industry should be analyzed from the equipment scale of operation as well as the business in terms of volume so as to prosper (Laffornt, 2010).
Recent Activities
The international community is in the recent outsourcing the printing and publication work to India. Such countries include; the United states of America, the United Kingdom, as well as Japan. This outsourcing has been driven by the Indian time zone which is able to serve both the East and West. Other factors attributed to the outsourcing are: the cheap labor price for printing, the popularity and knowledge of English in India, pool of talent as well as the ability to have various print designs (Thomas, 2001).
For newspapers as well as periodicals, FDI is allowed to the level of 26 percent of capital of the local companies. The exportation of material printed in India in the fiscal year 2009-2010 accounted for 0.51 percent of the global exports.
Growth projections of the Industry
India is number three in the world for publications in English with further increases projected in the future. Literacy levels are going up in the country increasing present and future demands for books and other publications. “Indians are reading more than ever, with a particular focus on skill development and self improvement.” (Mallya, 2011) According to the survey from Price Water House Coopers, the news paper market is projected to prosper at a further rate of 6.9 percent in India as compared to the global growth rate of 2.7 percent (As cited in Porter, 2008). Currently, the industry is growing at a rate of 12 percent annually attributed to advancements in technology. There is the biggest web offset of the Indian Manufacturers. The offset is projected to grow at a rate of between 10 and 15 percent.
Legislation Affecting business
The Prasar Bharati Act, 1990 of India provides for the code of conduct for any advertising media including the printing and publication industry (India, 2008). The act contains objectives that entail the need for maintaining integrity as well as unity among the Indian citizens and the international community. Any publication meant for the public consumption should intend to protect the rights of citizens and truthfully present fair and well balance information and its flow. The publication should respect and contrast different opinions as well as views and ideology. The act also emphasizes on the need for own work and permission for use of another person’s work.
Digital publishing
With technology such as tablets, the demand digital publishing is increasing hence need for the manual printing and publication industry to upgrade their services to meet the demand. According to Laundon and Traver (2002), “online selling is on a sharp upward curve, backed by India having the sixth-largest number of internet users in the world (61.34 million users in 2009) and the second-highest for number of mobile telephone users (670 million in 2010).” Any prospering printing company should exploit the advantages that come with digital publishing. Online sales in India are growing at a rate of 15 percent annually with the current sale rate at 7 percent of the retail books being sold online. Alongside the books, lifestyle publications, movies as well as music are selling (Kahin and Varian, 2010). With digital publishing, e-books and apps are continuing to dominate the printing and publishing industry.
Conclusion
The print and publication industry is among the largest industries in the world. It is competitive with many companies investing in the industry. However, the demand for print and publications services is very high and at an increasing rate. Any venture in the business should keep up to date information on technology and adopt it as well with the trending digital printing. This will see the venture triumph above the other players in the industry. Your company is in a better position to triumph in the business with large readily available market in the locals urban centers as well as the in the foreign countries. Timely adoption of technology and well marketing will see the business succeed in the competitive and yet productive printing and publication industry.
References
India, & India (2008). Legislation and orders relating to the Print and Publication industry. Delhi: Superintendent Government Printing.
James, D. J. (2010). Understanding the Small Business Sector. Mass: MIT Press.
Kahin, B., & Varian, H. R. (2010). Internet publishing and beyond: The economics of digital information and intellectual property. Cambridge, Mass: MIT Press.
KSHETRI, N. (2011). THE INDIAN ENVIRONMENT FOR ENTREPRENEURSHIP AND SMALL BUSINESS DEVELOPMENT.
Mallya, V. (2011, April 19). Why India Makes a Perfect Publishing Partner | Publishing Perspectives. Retrieved April 23, 2013, from http://publishingperspectives.com/2011/04/the-indian-invitation-publishing/
Toren, A., & Toren, M. (2011). Small business, big vision: Lessons on how to dominate your market from self-made entreprenuers who did it right. Hoboken, N.J: Wiley.
Thomas, R. J. (2001). Crucibles of leadership: How to learn from experience to become a great leader. Boston, Mass: Harvard Business Press.
Laudon, K. C., & Traver, C. G. (2002). E-Business: Commerce, technology, society. Boston: Addison Wesley.
Porter, M. (2008). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.
Storey, D. J. (2010). Understanding the Small Business Sector.
Laffont, J. -J., & Tirole, J. (2010). Competition in printing. Cambridge, Mass: MIT Press.
Toren, A., & Toren, M. (2011). Small business, big vision: Lessons on how to dominate your market from self-made entreprenuers who did it right. Hoboken, N.J: Wiley.
