Major reason is the huge size of the market
The big players in the publishing world are thronging to India in their effort to find buyers. Several foreign publishers who preferred to simply export books to India have now taken the trouble to set up Indian subsidiaries and publish Indian editions. Many of this publishers participated in the Vijayawada Book Festival which is gaining a great deal of importance in the world of publishing and bookselling.
The Indian subsidiary of Cambridge University Press, one of the oldest publishing houses in the world, the Cambridge University Press India Ltd participated in the book fair. Similarly Oxford University Press, Macmillan, Penguin Books India, Harper Collins, Taylor and Francis Books and Pearson from the United Kingdom, Springer (India) Private Ltd and Elsevier (India) from Scandinavian countries and Scholastic and Hachette from the United States participated in the book fair.
Book Festival Society president D. Ashok Kumar said two reasons have forced foreign publishers to sit up and notice the Indian market.
The major reason was the huge size of the market. The fast growing population of the country compensated for the low literacy percentages.
The number of literate persons in the country was larger than what it was in some of the developed countries because of the large population. The second reason for foreign publishing companies to set up shop in India was the severe recession that was sweeping the developed world, he says.
M. Joseph of Oxford University Press Academic Division said the company was giving imported books for Indian price at its stall in the book festival.
This is one of the innovative ways in which the longstanding publishing house is trying to keep its flock of customers with itself.
Indian publishers like Jaico, S.Chand, Orient Paperbacks and Orient Blackswan (earlier Orient Longman) are also coming out with innovative marketing strategies and new books of a wide range of subjects. The design and appears of the covers have also been immensely improved to catch the eye and then capture the heart of the customers in an effort to give the foreign publishing companies a run for their money.