Indian magazine publishing business , according to PricewaterhouseCoopers (audit and consulting firm )is expected to grow Rs 2500 crore by 2010. Current magazine publishing business in India is estimated around Rs 13000.
Indian publishing industry has an annual turnover of Rs 100,000 million and rolls out 80,000 titles every year in different languages including English.
While the Idian publishers are busy churning up new magazine titles , foreign publishers are also eying the Rs 13000 crore industry. About a dozen foreign publications have already hit the Indian newsstands and more than hundred are in the que.
Several Indian companies engaged in publishing newspapers and periodicals dealing with news and current affairs have been allowed to bring in Foreign Direct Investment (FDI) subject to the maximum limit of 26% of their paid up equity capital.
‘A large number of Indian companies publishing scientific,technical and speciality magazines,periodicals,journals have been permitted to bring in FDI up to the maximum limit of 100% of their paid up equity capital. Permission has been given for publication of 107 magazines,journals in the speciality,scientific,technical sector by Indian companies having FDI. In addition, permissions have been granted for publication of 172 magazines/journals as Indian editions of various foreign magazines,journals in the scientific,speciality,technical sector. As such there are no factors preventing foreign media from entering India’,P. R. Dasmunsi, Minister of Information & Broadcasting and Parliamentary Affairs said.
Indian media laws, which restrict foreign equity to 26% in the news segment, allow 100% foreign equity in non-news and non-current affairs speciality magazines.