The Information & Broadcasting Ministry has kept its word about allowing some liberalisation in the private FM Radio. The Ministry has cleared 20 per cent Foreign Direct Investment (FDI) for the sector. However, the ban on news and current affairs programmes stays.
Information and Broadcasting Minister S Jaipal Reddy had earlier stated that the ministry was in favour of a revenue sharing structure for the radio industry. While the players were elated about that intention in any case, this information comes only as more good news.
In the present state of affairs, Foreign Institutional Investment (FII) up to 20 per cent of the equity capital is allowed in any private FM radio company while FDI is not permitted.
Reddy said that the ministry has formalised the policy package for the private FM radio and sent it to various ministries for taking their views, before taking it to the Cabinet. Also, the ministry has decided to limit the FDI level at the existing FII cap. "We hope to go to the Cabinet on the matter soon," he added.
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