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Government to examine report on FDI in print before taking decision

27-April-2002
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Government to examine report on FDI in print before taking decision

Speaking at the sidelines of a Confederation of Indian Industry's (CII) annual meeting, the Information and Broadcasting Minister, Sushma Swaraj said, the Government will examine the report of the standing committee of Parliament on permitting foreign direct investment (FDI) in the print media before firming up a policy.

The Minister also said that with entertainment being accorded industry status, banks and financial institutions have shown interest to fund this sector.

Elaborating the various changes in the entertainment sector, the Minister said that earlier uplinking was not possible from India. ``Now 49 per cent FDI is permitted in teleport business. Around 56 channels are uplinked from here,'' she said.

The Government has opened the FM radio to private operators. It is also in the process of signing co-production agreement with some countries.

The Chief Executives and top Government officials on Friday met at a Round Table and decided to come up with a framework for risk assessment of media companies.

According to Mr Biren Ghose, CEO, UTV Interactive, rating agency Crisil would come out with a framework in six weeks time. The members also decided that a prima for corporate governance in the media sector needs to be created and piracy was another issue, which needed to be tackled by the industry and the Government.

Source: Business Line

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