Wednesday, Jun 26, 2002
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By Anita Joshua
Announcing this here soon after the Union Cabinet gave the nod to the proposal "in toto'', the Information and Broadcasting Minister, Sushma Swaraj, said the various concerns voiced within political and media circles about the opening up of the print media to foreign participation had been addressed while undertaking a "comprehensive review'' of the existing policy. This was the third time in less than a year that the Ministry had sought Cabinet approval for a change in the print media policy vis-a-vis speciality and technical publications and the first time that it had put up the more contentious proposal of FDI in news and current affairs publications. To ensure that management control does not pass on to foreign hands, the new policy mandates that Indian shareholding should not be dispersed. Under the new regime, the single largest Indian shareholder should have a significant holding higher than 26 per cent. Also, the shareholding pattern cannot be changed without the permission of the I&B Ministry and three-fourths of the Board of Directors should be Indians. As for editorial control, the Minister said it would remain in Indian hands as the new policy stipulates that three-fourths of the key editorial designations should be held by resident Indians. However, the Ministry has not drawn up any exhaustive list of designations which should be held by resident Indians as the nomenclature can vary or be changed. Given the fact that the Home Ministry had told the Standing Committee on Information Technology — which had rejected limited foreign investment in news and current affairs publications while giving a conditional nod to foreign participation in speciality/technical publications — that the "present internal security scenario of the country is not conducive to relaxations in the existing policy'', the Minister said this concern had also been addressed. The credentials of foreign investors, she said, would be verified on a case-to-case basis by the Home Ministry and other departments concerned. This is in keeping with the position taken by the Home Ministry in its written communication to the Standing Committee where it had said that "in case the administrative Ministry proposes to relax the existing policy, necessary safeguards will have to be put in place in consultation with the Ministries of Home Affairs, External Affairs and Defence against the possible misuse of the print media for purposes prejudicial to the security of the State, public order, communal harmony, relations with other countries, etc''. Even in the case of speciality and technical publications — where either Indian editions of foreign publications can be brought out or foreign investment up to 74 per cent be made — clearances will be given by the Foreign Investment Promotion Bureau on "specific recommendation'' by the I&B Ministry. Describing the move as a "careful opening up'' of the print media, Ms. Swaraj said it was a "logical and timely decision'' as there was no rationale in keeping this medium closed while broadcasting had been thrown open to foreign participation. Also, she found no logic in making the print media policy hostage to the controversy that has been kicked up by the uncharitable article on the Prime Minister that was published in the Time magazine recently. "Why should a small story decide the Government's policy,'' she asked.
(A PTI report said that news agencies will, however, continue to be governed by the Cabinet decision of 1955, disallowing FDI in ownership.)
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