New Delhi: Defying the trends of a global slowdown in the print media, a host of foreign magazines are set to launch their editions in India and are looking to soon get the government`s approval.
According to reliable sources, at least a dozen magazines published abroad are awaiting the approval of the information and broadcasting ministry.
A healthy Indian economy growing at the rate of over 8 percent and healthy forecasts for a spike in advertising revenues, many foreign magazines like BBC Knowledge and Parents are keen to have local presence in India.
Many Indian magazines are also awaiting the ministry`s approval for Foreign Direct Investment, he said.
The government decided to allow Indian editions of foreign periodicals in the news and current affairs segment, through 26 per cent foreign direct investment (FDI) nearly three years ago, setting the stage for a surge of foreign publications. According to an estimate, over 35 foreign magazines have been entering the Indian market every year for nearly a decade.
Besides 260 foreign magazines, 128 editions of Indian magazines with FDI have forayed into India in less than a decade, said sources.
The print magazine market in India is said to be defying the global trend where readers are shifting towards digitization and publications are recording a dip in sales and revenues.
Currently, the local editions of international news magazines like Forbes and Fortune are available in India.