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More FDI in media being considered

08-January-2005
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More FDI in media being considered

The Centre is looking at the option of further opening up of foreign direct investment in the media.

The finance minister P Chidambaram today said that a group of ministers is looking into the issue, and is also examining whether there are any regulatory issues that need to be addressed before opening up the sector further.

Foreign direct investment is currently permitted to the extent of 26 per cent in the news and current affairs media and up to 100 per cent in the general entertainment media category.

No foreign direct investment is, however, allowed in the FM radio segment.

“Foreign investment is already quite significant today in the media sector. Opening up of the sector has been gradual. A group of ministers is looking into the issue,” said Chidambaram, who was speaking at the third Pravasi Bharatiya Divas in Mumbai today.

On foreign investment by non-resident Indians in the real estate sector, Chidambaram said that the market has been opened up to the extent that it allows foreign investment in projects of the size of 100 acres.

The centre proposes to come out with different limits for rural and urban areas, which said the finance minister would be much less than 100 acres.

“This will see the development of many new townships in the country,” said Chidambaram.

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