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The Union Cabinet‘s decision to prise open the print media sector to foreign direct investment has been applauded by the Confederation of Indian Industry (CII). In a press release the CII has said that "allowing only 26% FDI in news, current affairs, print media and 74% in other print media is a bold and significant step."
The CII added that the decision would enable print publications to access funds, especially from financial institutions that had foreign equity, which they were earlier not able to access.
The press release further states that the CII believes, that this will introduce an element of competition and provide a means for publishers to improve quality of publications, as it will enable access of funds for this sector.
The CII has also complimented the government on the very well crafted safeguards relating to editorial and management control to ensure that this remains in Indian hands, which are in conformity with the 1955 cabinet resolution.
CII said that it believes that this decision would enable industry to access specific scientific and technical journals published in India as a result of new collaborations between Indian & foreign publishers.
