Foreign direct investment (FDI) in the print media has been allowed to overcome the shortage of capital being faced by the newspaper industry in the country, a Press Trust of India (PTI) report has said.
Union Minister for Information and Broadcasting (I&B), PR Dasmunsi on Wednesday informed the Rajya Sabha in a written reply that several Indian companies engaged in publishing newspapers and periodicals dealing with news and current affairs have been allowed to bring in FDI subject to maximum limit of 26 per cent of their paid up equity capital.
"As per FDI guidelines, editorial content continues to remain in Indian control. The guidelines provide that permission would be conditional on at least three-fourth of the Board of Directors of the new entity and all key executives and editorial staff being resident Indians," Dasmunsi said.
He informed the Upper House in a written reply to another question that the proposed draft Broadcasting Services Regulation Bill has provisions for constitution of Broadcasting Services Regulatory Authority.
Dasmunsi added that the proposed Bill does not compromise the freedom of expression as guaranteed in the Constitution. The government, he said, has been consulting stakeholders including News Broadcasters Association on the proposed Bill.
