Wednesday, 15 February 2012

A Booming Market

According to today's The Times newspaper: In Europe and America the publishing business is in deep trouble, grappling with falling sales and profits. In contrast, India’s economy, its vast population of more than 1.2 billion people and rising levels of literacy are driving a reading boom that is the envy of the world.

The Indian book industry is churning out more than 30,000 titles a year, generating sales of about 12 billion rupees (£155 million) and experiencing growth rates of up to 12 per cent — considerably more in the lucrative market for academic and text books.

Western groups are scrambling to tap into the opportunity.

Pearson, Bertelsmann and Bloomsbury are only a few of the publishing groups to have announced new investments in India in recent months.

It’s not only publishers who are looking east for growth. Internet retailers such as Amazon and Flipkart, as well as traditional bookstores, are also eager to boost their exposure to India.

So long as India’s economy continues to grow at close to 7 per cent per year, it is a boom that is likely to persist.

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