The Ministry of Information & Broadcasting has for the first time given approval for the publication of the facsimile edition of foreign newspapers by allowing the publication of ‘The Wall Street Journal’ and ‘The Wall Street Journal Asia’ in India.
The aforementioned newspapers would be brought out by Wall Street Journal India Publishing Pvt Ltd, a wholly owned subsidiary of Dow Jones and Company Inc., USA. The permission for foreign direct investment worth Rs 2.16 crore was given earlier.
It may be recalled that in December 2008, the Government had unveiled a set of guidelines for allowing publication of Indian editions of foreign news and current affairs magazines, which are allowed 26 per cent FDI as long as all key executives and editorial staff are Indians.
The guidelines issued by the I& Ministry had made it clear that these foreign magazines could only be published by an Indian company, which would be eligible for attracting 26 per cent FDI and would be free to add local content and mobilise advertisements.
Government issues guidelines for Indian edition of foreign magazines