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New Delhi March 21 The print medium industry is set to grow at the rate of 13 per cent year-on-year till 2011 to become a Rs 23,200-crore industry from the present Rs 12,800 crore.

A booming Indian economy, growing need for content and Government initiatives that have opened up the sector to foreign investment are driving growth in the print media, according to a FICCI-PricewaterhouseCoopers report.

With literate population on the rise, more people in rural and urban areas are reading newspapers and magazines and estimates reveal that the reach of print media in India has increased to 222 million people, the study says.

Print medium is also the favourite segment for global investors with maximum foreign investment in this segment.

The print media industry has a potential to grow still larger as 369 million literate people in India are still not tapped by any publication.

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