exchange4media news service
The Cabinet deferred the long pending proposal to allow Foreign Direct investment (FDI) in the print media. The Parliamentary Affairs Minister, Mr Pramod Mahajan, said although the proposal was on the Cabinet''s agenda, it was not taken up because a comprehensive decision was required.
exchange4media had yesterday reported that the Cabinet will mull over a crucial note prepared for this meeting. The Cabinet note had opposed lifting of ban on FDI in news and current affairs. It however favours upto 74 per cent FDI in technical, scientific, research and literary journals.
The Parliamentary Committee had considered two reports with diverse recommendations. While one report outrightly rejected foreign equity in print media, the other favoured 26 per cent FDI with the condition that editorial and management control would rest with the Indian partners.
exchange4media also reported that the Cabinet might defer the decision on this issue particularly as the Vajpayee government faces fresh threat to its existence with a debate on Gujarat under rule 184 in Parliament. Media watchers will have to wait for some time before this important issue gets taken up again