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How EY can help
With regards to the regulatory framework, the publishing industry witnesses a major impact of GST. In the Indian scenario where a zero-tax slab does not exist, the introduction of five per cent GST on books can benefit both the publishing industry and the government.
The COVID-19 pandemic has further disrupted the publishing industry in India. The imposition of strict lockdowns led to limited sales, delayed payments for publishers and a steep collapse in the supply chain. While print book sales have come to a complete halt due to bookstores being closed, the sale of e-books witnessed significant growth in that period.
In mature markets such as Norway, U.K. and U.S, digital formats are becoming key growth drivers for publishing. Print books currently dominate the publishing landscape in India, with digital formats accounting for a mere 10% of the market. Increased penetration of technology into the lives of the Indian population is bound to change the nature of knowledge consumption.
To sustain the changing socio-economic and technological advancements, the publishing industry has innovated new modes of outreach, formats and business structures. New emerging business models such as online retail, subscriptions, bundle packages, open-access resources, and self-publishing provide innovative channels to reach a broader target audience.
The publishing industry plays a vital role in shaping the future of India. Key educational improvement targets and initiatives of the government, the creation of a knowledge society, and the global dissemination of Indian culture and heritage present the crucial areas where the publishing industry and the government can support one another to achieve these targets.
One of the significant opportunities present for the publishing industry in India is the National Education Policy. The policy would lead to a new structure of education and emphasize teacher education and development, increase Higher Education GER and plans to encourage research and innovation by setting up the National Research Foundation (NRF). The publishing industry could thrive by ensuring the effective dissemination of educational content and collaborating with the research community to design, market, and distribute quality journals to a broader audience.