Fresh proposal on FDI in print

new delhi: the information and broadcasting ministry is likely to place a fresh proposal on the controversial fdi in print media issue before the union cabinet after the current budget session of parliament. the proposal to allow 74 per cent fdi in non-news, non-current affairs and specialised publications was deferred by the cabinet on wednesday night as some ministers, mainly belonging to bjp, felt that once it was delinked from the news sector, the government may not immediately look at policy changes in the news sector, sources said. fearing an uproar in parliament over a decision on the issue of fdi in print media, the cabinet was of the view that it be discussed later in its entirety with a fresh look at the 1955 cabinet resolution that bans publication of foreign-owned newspapers or periodicals in india or their indian editions. the information and broadcasting ministry is now likely to work out its new proposal based on recommendations by some mps to allow 26 per cent fdi in the print media and suggestions by some leading newspaper editors to permit fii or nri investment in the sector. though the standing committee on information technology headed by cpi-m leader somnath chatterjee completely rejected fdi in the print media as it "has the power to influence minds", there was a note of dissent in the report, particularly from some bjp members, favouring limited foreign investment. the proposal to allow fdi in medical and technical journals had come up before the cabinet late last year but had been deferred as most members were of the view that the standing committee''s report should be awaited. the standing committee had recommended that technical and medical journals could be allowed provided it was in collaboration with concerned indian publishing houses. it also called upon the government to formulate a comprehensive print media policy "so that there is a healthy growth in the media sector which will take care of information needs of the society".