India has become one of the major magazine-hubs of the world now, Ambika Soni, information and broadcasting minister said at the 38th World Magazine Congress.
With 77,000 registered publications including magazines in several languages, the niche magazine segment is presently seeing an influx of international titles in the country and "this trend can only continue".
According to Soni, the magazine segment is estimated to grow at a compound annual growth rate of 4.8% between 2010-15.
"The liberalisation of our print media policy has not only attracted FDI, it has also given a growth perspective to the magazine industry in India. Currently permission for 260 Indian editions of foreign specialty magazines has been given."
She said review of the print media policy of 1955 in 2002 and 2005 by the government has paved the way for the "spurt" in the magazine sector.
The concerns of Indian magazines on issues like circulation figures, paper pricing and enhanced advertisement support from DAVP would be resolved soon, Soni said. "I can assure you all that we have taken up these matters on high priority and hope for their early resolution."
The I&B ministry is trying to streamline the mechanism to address concerns related to police verification for titles even as it has resolved some earlier issues.
The minister said that the present situation in the magazine sector was "somewhat more optimistic" than two years back when the Congress had met in London.
The way forward for the sector was to "innovate, adapt and expand".