June 26, 2002 | 1906 IST
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Money > Business Headlines > Report June 26, 2002 | 1906 IST |
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BJP welcomes FDI in print mediaThe Bharatiya Janata Party on Wednesday welcomed the Cabinet decision to allow 26 per cent foreign direct investment in print media and said the government had taken enough precautions before allowing the move. BJP spokesman Sunil Shastri in a belated reaction to Tuesday's Cabinet decision said it was clear that there was no provision for a blanket licence to the FDI and it would have to be cleared on a case-to-case basis by the ministry of information and broadcasting. "The ownership would clearly remain with an Indian, so also the command and control of the editorial staff,'' he added. He said the FDI allowed in the technical (non-news and non-current affairs) print media was upto 74 per cent. The agency for clearing the FDI was Foreign Investment Promotion Board, which would act on the recommendation of the ministry of information. The spokesman said it was wrong for the congress to say that the government had reversed its 1955 decision on foreign control in the media. ''The changes were in tune with the requirements of changing times and needs." ''With the technology reach growing by leaps and bounds, there was no point in restricting the print media alone and there had been no such investment restrictions in electronic media,'' he reminded. About the left parties opposing the move, Shastri said the government had taken note of the dissent expressed by the Standing Committee of Parliament and had incorporated rules of procedures for granting licence. The recommendations of the committee should not come in the way of the government taking policy decisions, he added. UNI
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