According to a report by EY, The Indian publishing industry is pegged at Rs. 500 billion as of 2019 and projections predict it will reach Rs. 800 billion by 2024. Educational literature forms the majority of this revenue, followed by culture and recreation. As textbooks form the core of knowledge across educational streams, this alone could potentially generate billions.
Despite these heartening numbers, the publishing industry has gone through several roadblocks. The book publication business took a big hit, after the advent of the pandemic in 2020. Sales had slumped and in the initial days of the lockdown, offset printing presses came to a complete halt. Since the printing equipment is expensive and requires frequent maintenance, it was difficult to resume at 100% operating capacity even post-lockdown.
However, there was still a silver lining to this situation. As workplaces shifted to a remote working model, people started to find free time on their hands, which many devoted to reading. People’s reading choices also diversified into new territories such as cooking, self-help, children’s activity and Home Learning. Due to social distancing protocols, contactless home delivery of books gained precedence. There was also a rise in the adoption of digital e-books, with several apps offering discounts and offers. The publishing & printing industry has been slowly on the rise now.
The situation has normalised since then, but the path to recovery has been slow. Publishers are now planning on pre-selling copies, before the print process and warehousing process. This could improve the turnaround time and transform the supply chain and procurement process. This could be possible if publishers and printers work in tandem.
To keep up with increasing demand and to ensure digital books don’t hamper the business, the offset printing business needs to step up production. Equipment financing can be obtained for the same, from several players in the market. Electronica Finance Limitedoffers machine loan for offset printing. EFL offers various form of business loans which includes Machine Loans as well. It helps business owners obtain funding for streamlining their business processes and scale up production, with new/used machinery and equipment.EFL offers loans from 3 lakhs to 3 Cr., with flexible interest rates and easy documentation process. .
Thus, the book publication industry is looking forward to seeing brighter days, and it is hoped that the upcoming festive season will see a huge boom, beckoning back to pre-covid days. The industry is sure to be back on its feet, if all stakeholders work together, towards progress.