Budget 2014: Print industry hoping for measures to rekindle biz environment

Print players are looking forward to announcement of measures in the Union Budget 2014 that will give a boost to the economy; also, service tax should be kept at abeyance, while the rupee is strengthened against the dollar

e4m by Abid Hasan
Updated: Jul 9, 2014 9:04 AM
Budget 2014: Print industry hoping for measures to rekindle biz environment

With just a day to go for the presentation of the Modi Government’s maiden Budget, expectations are high regarding introduction of measures that will give a boost to the economy.

The Rail Budget 2014, which was presented yesterday, has evoked mixed reactions from the people and corporate alike.

exchange4media media had spoken to some broadcast industry players to know about their expectations from the Budget. Now, print players share their Budget wish list.

Though there are no specific demands, there are certain issues that print players want to be addressed in the Budget. These include FDI in media, strengthening of the rupee against the dollar, and keeping service tax at abeyance, among others.

Rahul Kansal, Executive President, Brand Function, BCCL remarked, “The print industry is hoping for a growth-oriented Budget that will rekindle the business environment, which will in turn give a boost to new entrepreneurship. Thus, we could have fresh IPOs and there will be new business activity. We are hoping for a Budget that stimulates growth, new business ventures, private sector growth and FDI as well as Indian entrepreneurship. We should think of more ventures within the country.”

Suresh Srinivasan, Vice President, The Hindu added here, “So far, we have benefited as there has been no service tax for the print industry, unlike television. We hope that there is no introduction of such taxes.”

He further said, “We also feel that FDI should be taken care of as the Government is very liberal and I have read somewhere that FDI could be increased in other Government sectors too.”

Last year, the print industry went through a rough phase when the value of the rupee plummeted against the dollar. Referring to that, Srinivasan hoped that the Government will do something about the rupee-dollar rate and manage it around Rs 60 per dollar, which will help the print players.

On a similar vein, KK Goyenka, Managing Director, Prabhat Khabar said, “I am hoping that the new Government doesn’t come up with any taxation and manage the dollar well. Last year, increase in dollar value affected print players a lot while importing newsprint.”

Not only newspapers but magazine industry is also suffering lots of problems. AIM President, Mitrajit Bhattacharya, said, “The budget should look at increasing the limit of grammage of lightweight coated paper from upto 70 gsm to at least upto 90 gsm for duty exemption on import. We currently have 20% plus duty levied on import of LWC paper above 70 gsm. With increasing number of newspapers and magazines using higher grammage paper this will come as a great relief.”

The fate of print industry will be decided tomorrow as the Finance Minster will present his first union budget of Modi led government.

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