Magazine article The Quill

India to Allow Foreign Ownership of Media

Magazine article The Quill

India to Allow Foreign Ownership of Media

Article excerpt

India said in June that it would relax restrictions on foreign ownership in two important industries - print media and tea that it had sheltered for decades in hopes of attracting foreign investors.

The government's steps were cautious, however, and the media opening was seen as the more economically and politically sensitive of the two industries, The New York Times reported.

The government abandoned a ban imposed in 1955 and said that with certain conditions, foreign owners could acquire stakes of up to 74 percent in technical journals and other non-news publications, and up to 26 percent in newspapers and currentaffairs periodicals.

Editorial and management control had to remain in Indian hands, the government said. In the case of news publications, foreigners could not be the largest shareholders. …

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