Advertising spending in India experienced modest growth from 2010 to 2011 and will accelerate in the coming years, according to a March report from the Federation of Indian Chambers of Commerce and Industry (FICCI), produced in conjunction with global consultant network KPMG.

Ad revenues reached INR300 billion ($6.38 billion) in 2011, up 12.8% over 2010, and are forecast to increase to INR586 billion ($12.46 billion) by 2016. This represents a modest uptick in sustained growth, with a compound annual growth rate (CAGR) of 14.3% from 2011 to 2016.

Digital ad spending in India, which started from a low base of INR10 billion ($212.6 million) in 2010, experienced a jump of 50% in 2011 to INR15 billion ($318.9 million). As the online market matures through the forecast period, CAGR will slow to 29.9%, for a total of INR57 billion ($1.21 billion) in 2016.

Contrary to trends seen in the West, print will maintain its status as the No. 1 ad medium in India through 2016, accounting for 41% of all ad spending. TV will follow at 39.2%. Online, as a still-emerging medium, will only account for 5.9% in 2012, but its share will grow to 9.7% by 2016.