MUMBAI: Indian adspend will grow by over 10% every year until 2013, when the country's ad market will be worth $21 billion (€16.4bn; £14.4bn), reports a study by the Federation of Indian Chambers of Commerce and Industry and KPMG India.

According to WARC's forecasts, this compares with a decline in adspend of 2.5% in the US, 6.5% in the UK, and 3% in Japan in 2009 in real terms, though the FICCI/KPMG forecast for India has also been revised down from a previous estimate of 18%.

The country's biggest medium, television, is expected to see a compound annual growth rate of 13.5%, and will be worth $1.8bn this year, reaching a total value of $3.1bn in 2013.

By contrast, print ad revenues will grow by 10% from $2.3bn this year to $3.5bn in 2013, while radio is forecast to grow by 14.2% per year to a value of $327m, and outdoor by 12.8% to $588m.

Online is set to expand at the fastest overall rate – some 27.9% per year, having grown by 45.2% from 2008 and 2006 – taking it from a value of $168m this year to $429m in 2013.

Colvyn Harris, ceo of JWT India, is more pessimistic, arguing that while there are categories "which are not affected at all", the country's advertising industry would "grow by around 8% to 9% this year."

Data sourced from Business Standard/Times of India; additional content by WARC staff