The decision took place from 8 January and will be valid for a period of three years.
The last such revision had taken place in 2013 when an increase of 19% had been announced over and above the rates of 2010.
According to the ministry, the decision will be of immense benefit to small and medium newspapers, including those in regional languages.
According to the ministry release, the decision was taken based on the recommendations of the 8th Rate Structure Committee constituted by I&B Ministry which took into account several factors, including the increase in price of news print, processing charges and other factors which go into the computation of advertisement rates.