Govt may okay 49% FDI in print media

In what will be a significant decision, the Union Cabinet is likely to approve 49 per cent foreign direct investment limit in Indian print media at its meeting on Thursday.

A top secret Cabinet note in this regard has been kept a closely guarded secret, sources said.

Earlier in June 2002, the National Democratic Alliance government had approved 26% FDI in print media.

The UPA-II regime now seems to be taking the NDA policy forward.

The move, if it goes through, will be warmly welcomed by foreign media houses which have been looking to enter India, one of the world's fastest growing economies. The domestic media barons, however, are likely to oppose the move.

A few weeks ago, Information and Broadcasting Minister Ambika Soni had hinted that the government was assessing the request of media houses to scale up FDI from the existing 26 per cent to 49 per cent in the print media, in consultation with the Telecom Regulatory Authority of India.