The Indian economy is on a path of exceptional growth, with a forecast increase in GDP of 8.9% for the current financial year, 2022–23. Although growth in the past two years was not as good as forecast due to the pandemic, post-pandemic recovery has been excellent. In 2021, India’s economy surpassed that of France and Italy, reaching the sixth largest in the world, and it is the third largest economy (behind China and the U.S.) in terms of Purchasing Power Parity (PPP). Because of this growth, foreign currency rates, direct investment, and inflation have all stabilized, with a positive impact on imported goods like books presenting growth opportunities for the publishing sector.

Book publishing is an important industry for any country because it promotes knowledge in society. The book publishing sector in India makes the highest contribution to the Publishing, Printing & Allied Service sector, which includes newspapers, magazines, and the print industry, with the share increasing from 33% in 2015 to 54% in 2020.

  • The publishing industry, in addition to adding value to the nation’s GDP through direct, indirect and induced means, has also significantly contributed to the country’s employment, accounting for around 0.07% of total employment
  • In 2018-19, publishing made a direct contribution of around 0.08% of India’s total GDP
  • The key sectors that benefit directly from publishing include paper, paper products and newsprint, and manufacturing plus other services such as electricity and transport

India’s demographic advantage

India has of course the second largest population in the world, but it also has one of the youngest populations in an ageing world. By the end of 2022 the median age in India will be 28 years, compared to 37 in China and the United States, 45 in Western Europe, and 49 in Japan. India’s working-age population has now numerically outstripped its non-working-age population.

The distinct characteristics of India’s population development, particularly among young, educated, and literate people, give enormous prospects for the growth and expansion of the publishing sector:

  • India is ranked as the third-largest market in the world for print books and is the world’s second-biggest Englishspeaking economy
  • India has the largest population aged 5–24 years old in the world, 500 million people, and the largest school-going population of 265 million

India is constantly revolutionizing its educational system to provide students with a broad exposure to the world and an indepth understanding of subjects while making sure that teaching strategies are up to date with current global trends. Educational publishing (both school and HE) accounts for more than 95% of the publishing industry and generates significant employment. It is one of India’s fastest-growing industries with high demand for the creation of excellent material in this area.

Current market conditions and growth projections

While the pandemic posed a temporary impediment for a few publishing companies and retailers, recent years have shown not only a revival, but also a new push forward and encouraging growth projections. The government has directed academics, parents, and instructors to place a special emphasis on encouraging children to develop a reading habit; one such important government initiative is the “Padhe Bharat” campaign, which promotes native texts and leisure reading.

  • India’s print book market will hit INR989.2 billion by 2024-25, according to the India Book Market Report 2022
  • There are more than 24,000 publishers operating in India
  • The school sector accounts for 71% of the print book market, while HE accounts for 25% and the trade segment accounts for 4%

Key challenges and industry policies

Like many around the world, India’s book publishers face a variety of challenges including heightened production costs, supply chain problems, and ISBN issues to name a few.

Additionally, the industry is not immune from copying or piracy, which undermines the effectiveness of the Copyright Act. The unethical practices of reprography are at an all-time high due to the rise in HE institutions, and it is, therefore, imperative to implement a thorough reform in this sector without impeding information flow. Similarly, the exemption of GST (Goods and Services Tax) and the implied custom duties are having a detrimental effect on the growth of the industry. All these issues are subject to continual lobbying by industry representatives at both local and national levels.

The Nielsen BookData India Book Market Report 2022 is now available. For further details contact bookindia@nielseniq.com.