History of Business Newspapers in India

Do acknowledge that this project is the outcome of constructive support and cooperation of many individuals. First of all I would like to express my deep scene of gratitude to Ms Tasha Singh Parihar for giving me this topic. During the making of this project, I inculcated many things which I did not know about Business Newspapers.

And warm thanks to my parents, close friends for their constant support and humble cooperation. CERTIFICATE OF THE SUPERVISOR CONTENTS 1 Introduction. 2 Business newspapers in India. 3 Ownership Pattern. 4 Profit share in Media industry. 5 Comparison of Business Newspapers with other national dailies in India. 6 Future prospects and challenges to Business Newspapers. Reference Bibliography CHAPTER 1 : Introduction

India is one of the few countries in the world to have many Business Newspapers, which not only reflects the vitality and vibrancy of the Media, but also the new vitality of our economy. The large readership for these business newspapers transcends from the rapidly growing corporate sector, it also illustrates the growing interest that the general people now evinces in economic matters which reflects the growing importance of business and economy in our national discourse.

Business newspapers focus mainly on business news, insightful news on significant issues and comprehensive coverage of the stock market. They have the capability to carry the message in greater detail and clarity, more in-depth information and analysis, which helps companies and their business. There is a huge scope of Business newspapers in coming years as only a paltry of 0. 1 % of the population is reading Business newapapers at present.

Newspapers reach only 35 percent of our adult population even though the adult literacy is 65 percent. To build this gap between readership and literacy and also to remain competitive, the publication have kept their prices low and dependant entirely on advertisers to subsidize the reader and increase the sales. CHAPTER 2 : Business Newspapers in India There are six prominent Business dailies being published in India namely Business Standard, Financial Express, The Economic Times, Hindu Business Line, Mint, Financial Chronicle

A brief info about all the Business Newspapers in India : 1 Business Standard The daily newspaper Business Standard (also available as an e-paper) is the preferred choice of serious business readers. It is published from 12 centres – Mumbai, New Delhi, Kolkata, Bangalore, Chennai, Ahmedabad, Hyderabad, Chandigarh, Lucknow, Pune, Kochi and Bhubaneswar. A Hindi Business Standard is published from eight centres across northern India: Mumbai, Delhi, Kolkata, Patna, Lucknow, Bhopal, Chandigarh and Raipur.

Business Standard stands for reporting that stresses accuracy and credibility, comment that is informed, independent and fair, and journalism that is rooted in ethical conduct and defined by a sacrosanct bond with the reader. All Business Standard journalists sign on to a code of conduct that is available on this website. Business Standard has a 230-person editorial team that is led by AK Bhattacharya. Business Standard’s stable of specialist contributors includes some of the sharpest minds writing on economics and business.

Among them: Shankar Acharya, former chief economic advisor, Government of India; Deepak Lal, professor of economics, UCLA; Suman Bery, director-general, National Council of Applied Economic Research; Abheek Barua, chief economist of HDFC Bank; Nitin Desai, former chief economic advisor and former under-secretary general at the United Nations; Arvind Subramanian, professor at the Peterson Institute of International Economics; Parthasarathi Shome, former advisor to Finance Minister; and Indira Rajaraman, former member of Finance Commission.

It offers syndicated columns from Martin Feldstein and Dani Rodrick, and content from Breakingviews. com–with exclusivity in the Indian market. In addition to two newspapers, BSL publishes two monthly magazines (Indian Management and Business Standard Motoring), as well as a quarterly (Asian Management Review). The company also has a books division, which publishes books under the BS Books imprint. BSL’s website properties include bshindi. com, bsmotoring. com, and smartinvestor. in. This last is a dedicated information-cum-trading site for investors.

BSL is majority-owned by the Kotak Mahindra Group, but is run independently through a board of directors, with TN Ninan (a former editor of the newspaper and perhaps India’s best known business journalist) as chairman and editorial director. The editorial team at businessstandard. com is led by Niraj Bhatt. 2 Financial Express The Financial Express is an Indian English-language business newspaper. It is published by the Indian Express group since 1961. The FE specializes in India and international business and financial news.

Launched in 1961, India’s oldest financial daily, The Financial Express, is today one of the leading newspapers in the country. Part of The Indian Express Group, the newspaper publishes eleven editions in English from leading cities — Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Kochi, Kolkata, Lucknow, Mumbai and Pune. It also has an edition in Gujarati, published from Ahmedabad. The newspaper has offices across the country and is headquartered in Delhi. The Financial Express has upported the eventual breakdown of the arbitrary control-based system that characterized the Indian economy to its emergence as a free market enterprise with accent on merit. The paper espouses the same position in its coverage of international developments. The position is based on a careful observation of the way economies have evolved in the past few decades. This is also known as a championing of the free market position. The FE columns and editorials articulate this opinion succinctly.

The FE edit page columns are therefore the most widely read pieces among all business publications in India. Besides, the newspaper has an exclusive tie-up with The Financial Times and The Economist of London to carry its articles all days of the week on an exclusive co-branded page and the op-ed page. 3 The Economic Times The Economic Times is an English-language Indian daily newspaper published by the Bennett, Coleman & Co. Ltd. first published in 1961. It is the world’s second-most widely read English-language business newspaper, after the Wall Street Journal.

With a readership of over 8 lakhs (800,000). The Economic is published simultaneously from 12 cities—Mumbai, Bangalore, Delhi, Chennai, Kolkata, Luck now, Hyderabad, Jaipur, Ahemdabad, Nagpur, Chandigarh, and Pune. It  is headquartered in Mumbai at The Times of India building. Its main content is based on the Indian economy, International finance, share prices, prices of commodities as well as other matters related to finance. The founder- editor of the paper when it was launched in 1961 was P. S. Hariharan.

The current Editorial Director of The Economic Times and ET Now is Rahul Joshi. Like the London-based Financial Times, The Economic Times is printed on salmon pink paper. It is sold in all major cities in India. In June 2009, it also launched a television channel called ET Now. Special edition The Economic Times Magazine on Sunday was revamped and now dons a new format, style and regular features on great personal content in 2011. The fresher edition hosts a variety of material not found during the weekdays. The special edition on all Sundays contains, namely: “what’s news”, news in numbers”, “behind the news”, “spotlight”, “cover story”, “expert view”, “economy”, “centrespread”, “travel guide”, “food ;amp; drink”, “recommended” and finally “feel smart”. ‘feel smart” generally hosts a “Cocktail Conversations” article which describes a definite difference between terms, objects, persons and abstract views which are normally considered to be the same. It also contains “Behind The Lines which gives a brief crisis that had occurred, gives a brief overview of the crisis and the solution derived. 4 Hindu Business Line ————————————————-

Business Line or The Hindu Business Line is an Indian business newspaper published by Kasturi & Sons, the publishers of the newspaper The Hindu located in Chennai, India. Business Line started publishing in 1994. Published as a broadsheet, it has a circulation of around 185,000 copies. Circulation of Business Line on Sunday is higher than other days. Business Line is published from 17 locations: Bangalore, Chennai, Coimbatore, Hubli, Hyderabad, Kochi, Kolkata, Kozhikode, Lucknow, Madurai, Mangalore, Mumbai, Noida, Thiruvananthapuram, Tiruchirapalli, Vijayawada and Visakhapatnam.

Its Editor-in-Chief is Mr. N. Ram and the Joint Editor is Mr. K. Venugopal. Its staff consists of reporters and researchers. It is the only paper having a research bureau. The correspondents all over the world bring the international news to the readers. The news and views enjoyed by readers through the print editions are now available to the Global readers through the Net editions of The Hindu and Business Line. 5 Mint Mint is India’s second largest business newspaper published by HT Media Ltd, the Delhi-based media group which also publishes the Hindustan Times.

It mostly targets readers who are business executives and policy makers. It is India’s first newspaper to be published in the Berliner format. Mint exclusively carries “WSJ” branded editorial content in its pages by virtue of the content sharing partnership between HT Media and Newscorp, which owns the Journal. The current Editor of the newspaper is Sukumar Ranganathan It was launched in collaboration with The Wall Street Journal on 1 February 2007, with the Journal’s former deputy managing editor, Raju Narisettias its founding editor.

Around eight months before the first edition was published, Narisetti went about hiring and assembling staffers for Mint. Several trial runs of the newspaper, with varying formats and names on its masthead were reportedly tried out before settling with the current ones. The launch team comprised some of India’s leading business journalists as well as a handful of staffers from the Journal, whom Narisetti had brought on board with the intention of bringing some WSJ style and flavour to Indian journalism.

Informed observers saw it as a well calculated attack on the near monopoly of The Economic Times, published by The Times Group, HT Media’s rival media conglomerate. Within two years of its launch, Mint was second only to ET and established itself as ‘India’s fastest growing business daily’. The design of the Mint newspaper is geared towards presenting business and financial information in a compact format. The newspaper was initially designed by Mario Garcia, who has also been associated with the re-design of the Wall Street Journal.

Mint liberally uses info graphics to tell stories and present data when compared with other dailies, publishing almost one a day and sometimes several. Saturdays see the distribution of Mint Lounge, the weekend edition, which is more popular than the weekday issues based on increased circulation figures, especially with women readers. Lounge is a magazine-style supplement that focuses on the arts, food, culture, fashion, sport, music, etc. It features columns by Rohit Brijnath, Samar Halarnkar, Shoba Narayan, Aakar Patel and Natasha Badhwar 6 Financial Chronicle

Financial Chronicle (FC) is an Indian English-language daily newspaper published since 2008. The newspaper primarily covers Indian economic and international business topics, and financial news and issues. Financial Chronicle, edited by Shubhrangshu Roy, was simultaneously launched from Hyderabad and Chennai on April 16, 2008. The Bangalore edition was launched on May 25, and the Mumbai edition on June 20. With the launch of the New Delhi edition on April 14, 2009, Financial Chronicle completed its launch objective of five-city simultaneous publication within the first year itself.

Financial Chronicle has had the shortest run-up to a newspaper launch in the history of Indian print journalism. It also has the record of reaching the maximum number of publication centres in the shortest span of time. Financial Chronicle boasts India’s youngest team of media professionals. Financial Chronicle’s e-paper was launched midnight of 15–16 April 2008. This makes FC the first paper to be launched electronically on the internet before its print launch. FC began its journey five days-a-week, Monday through Friday. It launched a Weekend tabloid edition beginning 1o September, 2011.

It also publishes four weekly all-colour feature sections – Invest, a comprehensive analysis on the stock market; Know, a cutting edge one-of-a-kind section on the advancements in knowledge society; Build, a review of the country’s real estate sector; and Roar! , a no-holds-barred lifestyle feature. Financial Chronicle can be accessed on its website, which features comprehensive webcasts of corporate developments and news stories. The website also runs a live investor guidance service, and comprehensive updates on the stock markets. It also incorporates several networking facilities. ———————————————— CHAPTER 3 : Ownership Pattern and structure of Newspapers in India Any newspaper requires capital, technology, diversified skills and sound management system based on human resources. There is a management mechanism for planning, organizing and controlling the resources of the organizational set-up of the newspapers. The editorial of the newspapers reflects the policy of the management. In fact, the impartiality and the objectivity of the editorial is influenced by management policy.

Usually , the editorial policy and the commercial activities of newspapers are guided by the management system. The management systems have traversed a long way and have witnessed several phases in view of the socio economic changes of the country. The owners of the newspapers have modified the ownership patterns and management policies in conformity with the changes induced by Globalization and Privatisation. According to the latest report of Registrar Newspapers of India (RNI), ministry of information and broadcasting, following are the present ownership patterns of the newspapers in our country : Type of Ownership| No. f newspapers| Individual Ownership| 5680| Society/Association| 134| Firm/Partnership| 169| Joint Stock Company | 973| Union/ State Government| 64| Trusts| 157| Others(Educational Institutions etc)| 48| Total| 7225| | | Newspaper Ownership in India The Indian media market differs from those of developed countries in several ways. For one, India is a developing country and all segments of the media industry (including print and radio) are still growing unlike in developed countries.

The media market in India remains highly fragmented, due to the large number of languages and the sheer size of the country Types of Newspaper Ownership in India There are various types of media ownership. There are many media organization in the country that are owned and controlled by a wide variety of entities including corporate bodies, societies and trusts and individuals. There were over 82,000 publications registered with the Registrar of Newspapers as on 31 March 2011 There are four major types of ownership of mass media.

Chain, cross media, conglomerate and vertical integration. Chain Ownership Chain ownership means the same media company owns numerous outlets in a single medium, a chain of newspaper, a series of radio stations, a string of television stations or several book publishing companies. Chain ownership in India applies mostly to newspapers. There are many publishing groups in India which fall into this category such as the group headed by the Times of India, Hindustan Times, Indian Express, Statesman, Ananda bazar Patrika, Hindu, Telegraph and living media foundations.

Cross Media Ownership Cross media ownership is when the same company owns several along with newspaper, magazines, musical labels, and publishers and so on. cross-media ownership across the various carriers such as television, radio or print; consolidation, including vertical integration among media operations of content, carrier and distributor within a media segment such as television or radio; and market share dominance in a given geography within each media segment. ———————————————— Conglomerate Ownership ————————————————- Conglomerate ownership means the ownership of several business one of which a media business. For example when a publishing company owns a newspaper along with chemical, fertilizer, cement rubber or plastics factories, or a liquor brewery or distillery or a major corporation has controlling shares in a number of media related business, the pattern is conglomerate.

In a conglomerate, there will be interlocking of directorships, which means the same persons will be director of a media company as well as of manufacturing industries or financial corporations. Infact several transport or lorry company directors are directing the destiny of newspaper, television or film production companies. Their main business will be a high profit industry, but they run a media company for prestige or to exercise social and political influence on decision makers in the private or public sector and in the government of the day.

Such a conglomeration may not always support an unbiased or dispassionate presentation of events, issues and personalities. However, there are already at least six states where a single media house has a clear and growing dominance. These are media groups that are emerging as national conglomerates. They are all in the news business as well as in entertainment, media distribution and network business. They own newspapers, magazines, radio, cable TV and television channels, to name their key businesses. ————————————————- Vertical  Integration

Vertical integration indicates that a media company monopolizes the production of the ingredients that go into the making of   media products. For example a newspaper publisher may own several hundred areas of forests where the major components of a newspaper namely wood for newsprints cultivated. Some other newspaper company may own a factory that produces the bulk of the printing ink or processed used in the industry. Certain film companies may own studies or industrial units   producing film stocks or even a chain of theatres where the films are exhibited.

If the present trend of cross media, conglomerate and vertical  integration ownership continues, monopolization will result   which will ultimately lead to the phenomenon of suppression  not only of media freedom  but also of the unbiased  presentation of various points of view. Most media companies in India and abroad are integrating vertically to sell cross-media, often acquiring or building multimedia platforms. News Corp. ’s Star TV India and Sun TV Network Ltd already own DTH and cable distribution platforms.

Star’s cross-media India operations include television channels, Internet offerings, radio, mobile entertainment and home video (incidentally, 11 cable distribution companies provide some 400 television channels in India). Sun Network has 14 TV channels in four states, cable assets, four magazines, radio stations and two newspapers. In Tamil Nadu, the dominance of Sun in cable and satellite TV (channels and distribution network) and now in the DTH market is quite visible. Sun TV and its cable company are known to simply blackout political telecasts by rival Jaya TV. ———————————————— The Ownership Pattern of Newspaper in India There are many media organisations in the country that are owned and controlled by a wide variety of entities including corporate bodies, societies and trusts, and individuals. Information about such organizations and people is scattered, incomplete, and dated. * The sheer number of media organizations and outlets often conceals the fact there is dominance over specific markets and market segments by a few players – in other words, the markets are often oligopolistic in character. The absence of restrictions on cross-media ownership implies that particular companies or groups or conglomerates dominate markets both vertically (that is, across different media such as print, radio, television and the internet) as well as horizontally (namely, in particular geographical regions). * Political parties and persons with political affiliation own/control increasing sections of the media in India. * The promoters and controllers of media groups have traditionally held interests in many other business interests and continue to do so, often using their media outlets to further these.

There are a few instances of promoters who have used the profits from their media operations to diversify into other (unrelated) businesses. * The growing corporatization of the Indian media is manifest in the manner in which large industrial conglomerates are acquiring direct and indirect interest in media groups. There is also a growing convergence between creators/producers of media content and those who distribute/disseminate the content. ————————————————- Conclusion

The mass media in India is possibly dominated by less than a hundred large groups or conglomerates, which exercise considerable influence on what is read, heard, and watched. One example will illustrate this contention. Delhi is the only urban area in the world with 16 English daily newspapers; the top three publications, the Times of India, the Hindustan Times, and the Economic Times, would account for over three-fourths of the total market for all English dailies. Further, the report calls attention to the fact that all restrictions on vertical integration are currently placed on companies.

The large conglomerates of the Indian media are usually groups that own different companies. This allows them to have controlling stakes both in broadcasting and distribution by acquiring licences under their different subsidiary companies, thus totally bypassing current restrictions and defeating the purpose of their existence in the first place. The report, therefore, suggests that restrictions no longer be placed on “companies” but on “entities” or groups, which would include large groups and conglomerates such as BCCL and Dainik Bhaskar.

The north-east too is in the business of political ownership of news organizations, with Assam and Nagaland in the lead. Nagaland Chief Minister Neiphiu Rio owns the Eastern Mirror, published by the Nagaland Free Press. In Assam, the most interesting player is the former Union Minister of State of Parliamentary Affairs, Matang Singh, who owns  NE TV, Focus TV, NE Bangla, NE Hi Fi, Hamar, HY TV, and Radio Oo la la. He controls them through holding companies Positiv Television Pvt. Ltd. and Positiv Radio Pvt. Ltd.

Riniki Bhuyan Sarma, wife of the health minister of Assam, Hemanta Biswa Sarma, controls News Live and Rang through holding company Pride East Entertainments Pvt. Ltd. Other upcoming Congress leaders are present in the media in Assam. MLA Anjan Dutta owns the daily Ajir Dainik Batori through Dasharupa Engineering & Publications Pvt. Ltd. Yet another Assam minister, Rockybul Hussain, in charge of the State’s Ministries of Panchayat & Rural Development, Forest & Environment, conrols the daily Janasadharan, through Janasadharan Printing & Publishers Pvt.

Ltd. Badruddin Ajmal of the Assam United Democratic Front (AUDF), industrialist and social activist who is on the executive council of Darul Uloom Deoband, controls the daily, Ganaadhikar, through Unity Media and Infrastructure Ltd. ————————————————- CHAPTER 4 : Profit Share in Media Industry ————————————————- ————————————————-