|
In a further liberalisation of media rules, foreign news magazines can now print local editions using as much or as little local content as they choose
The Indian Cabinet, on September 18, 2008, opened up the news magazines sector by allowing foreign direct investment (FDI) of up to 26%. This means foreign news magazines can now have Indian editions. Since 2002, Indian editions of foreign scientific, technical and speciality magazines and periodicals have been allowed with no curbs on FDI ownership. Foreign news magazines, however, were only allowed ‘facsimile editions’, that is, they could import copies of their international editions for sale in India. The new rules allow foreign news and current affairs magazines to print local editions, with local content and local advertisements. But, the Indian publisher must have a 74% stake in the venture and at least three-fourths of the board of directors and all key executives and editorial staff have to be resident Indians. An immediate circulation figure of at least 10,000 paid copies in the country of origin and a five-year track record of continuous publication are required. And, the title must be registered with the Registrar of Newspapers for India. The opening up of the print market is expected to make foreign magazines cheaper and usher in a host of foreign titles as happened with non-news magazines earlier. As for increasing the foreign investment limit in newspapers -- currently at 26% -- industry officials did not rule out the possibility but maintained that nothing was on the cards right now. Since 2002, the government has cleared 17 proposals for foreign direct investment in the print media. In all, 183 Indian editions of speciality magazines have been allowed. Sources: The Hindu, September 19, 2008
The Indian Express, September 19, 2008
Livemint, September 19, 2008
|
