India editions of foreign news mags allowed 26% FDI

India editions of foreign news mags allowed 26% FDI
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First Published: Thu, Sep 18 2008. 03 51 PM IST
Updated: Thu, Sep 18 2008. 03 51 PM IST
PTI
New Delhi: In a major decision that will inject new vigour into print media, the Government has allowed India editions of foreign magazines with news and current affairs content with 26% FDI.
With this decision, foreign magazines can come with India editions with local as well as global contents at cheaper prices.
As of now, foreign publications are allowed to take out only facsimile editions. For example, US’s Time, and UK’s Economist have a facsimile edition which come at high price.
Earlier, only 26% FDI was allowed in Indian print media while foreign magazines were allowed through facsimile edition.
“The Cabinet today gave its approval to review the Print Media Policy by allowing of Indian editions of foreign magazines publishing news and comments — periodicals falling under the news and current affairs category with 26% foreign investment,” Information & Broadcasting Minister Priya Ranjan Dasmunishi said.
The Indian publisher would have to invest 74% of the equity owning the venture.
“The decision will enable Indian readers to access the foreign magazines at cheaper rates compared to the same publications imported at much higher rates. The Indian reader would be benefited immensely as he/she would be able to keep abreast with the latest events and happenings on the global scale,” he said.
The permission is subject to the condition that at least 3/4th of the Directors on the Board of the applicant Indian Company and all key executives and editorial staff being resident Indians.
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First Published: Thu, Sep 18 2008. 03 51 PM IST