News – Stamps set to generate greater revenue for India Post

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Even as India Post continues to rely on speed post and parcels to generate the bulk of its sales, it is trying to generate new revenue streams by monetizing its stamps.

Philately, the collection and study of postage stamps, is becoming more popular, not just among individuals but also businesses, and is expected to add more money to India Post’s coffers.

The postal department earned about Rs.40 crore in 2015-16 from philately, which includes stamps and stamp-related products, through sales from post offices and its online store called e-post office.

This number is set to rise more than three times to about Rs.140 crore in 2016-17, said S.K. Sinha, secretary, Department of Post.

The major boost to this figure is expected to come from its e-post office and ‘My Stamp’ services.

My Stamp is a customized service that allows organizations and businesses to order bulk printing of stamps, based on their logos. The minimum order value has to be Rs.12 lakh.

Customers who have already used this service include Amazon India, Western Union, Hindustan Aeronautics Ltd and Avila Convent Matriculation Higher Secondary School, said Sinha.

While the department generated Rs.1.38 crore from My Stamps in 2015-16, it expects to clock a revenue of Rs.60 crore this this fiscal year from the service, he added.

Nearly 7 lakh Surya Namaskar stamps were pre-booked through e-post office and till Tuesday the stamp has generated more than Rs.27 lakh in revenue.

While e-post office generated a total of Rs.65 lakh worth of sales in 2015-16, between April to June it has already touched Rs.67 lakh.

UPPS sold philatelic products worth $5.5 million (Rs.37 crore) in 2015. The postal service also received $618 million (Rs.416.5 crore) worth of orders for stamps and stamp products in 2015.

The Indian postal department is also trying to popularize philately among students and has written to the Human Resource Development ministry to include a lesson on philately from fifth to seventh standard classes. (Source:-livemint.com)