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Cabinet to review FDI in print media

BS Economy Bureau

The government on Wednesday decided to take a relook at the 1955 Cabinet resolution prohibiting foreign investment in the print media and deferred a decision on permitting foreign investment only in scientific and technical journals.

"The Cabinet did not take up the proposal of foreign investment in technical and scientific journals because it felt the issue needed to be discussed in a comprehensive manner," Minister for Parliamentary Affairs Pramod Mahajan said after the Cabinet meeting.

The parliamentary standing committee on information technology chaired by Somnath Chatterjee had recommended that the government should continue with the 1955 resolution.

Government sources said at Wednesday's Cabinet meeting, some ministers said the issue of permitting foreign investment in the print media needed to be revisited since the standing committee was not unanimous on the subject.

A Cabinet minister said the recommendation of the standing committee was not binding on the government. The government could alter the 1955 resolution, he added.

No date for discussions on the issue has, however, been set.

"Discussions on the proposal will depend on when the information and broadcasting ministry puts up the note," Mahajan said.

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