Thakkar added that at present a significant part of the growth in the media sector is coming from the digital area. "Additional capital is needed to keep this growth going and FDI would be the most welcoming thing in this."
Finance Minister Nirmala Sitharaman in her Budget speech in July had stated that the government would examine suggestions of further opening up of FDI in aviation, media (animation, AVGC) and insurance sectors in consultation with all stakeholders with a view to attracting more overseas investment.
FDI in India dipped 1% to $44.36 billion in 2018-19.
Last year, the government had relaxed FDI rules for several sectors, including single-brand retail, non-banking financial companies and construction.
Foreign investments are considered crucial for India, which needs billions of dollars for overhauling its infrastructure sector such as ports, airports and highways to boost growth.
FDI helps in improving the country's balance of payments situation and strengthen the rupee value against other global currencies, especially the US dollar.
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