Sushma makes it official — No FDI in print media

Swaraj indicated that the decision to disallow FDI in print was arrived at after consultations with Prime Minister Atal Behari Vajpayee and members of the Press. “The Government feels the concerns expressed in the Cabinet Resolution of 1955 on FDI in newspapers are as valid now as they were at the time the resolution was passed,” she said at an informal meeting with the Press today.

The Minister said when she had initiated the discussion, an overwhelming majority was against the entry of foreign investment in print media. “Eighty per cent were against the entry of FDI while only 20 were in favour of it,” she said. She added that the existing foreign journals that had come through the franchise route would be examined by a committee of the I&B Ministry while the HRD ministry would be roped in for its views on allowing FDI in technical journals.

Swaraj said the Government would continue to abide by the Cabinet resolution of 1955 which said that foreign ownership of Indian newspapers would not be in the interest of the nation.

The issue had come up through a question during the economic editors conference last month when Swaraj had said her ministry was in the process of reviewing the 1955 Cabinet resolution that had disallowed FDI in print after concern was expressed over their power of influencing public opinion in the country. “The concerns remain the same even today,” she said.

While Swaraj has got one prickly issue out the way, she will be meeting the Editors Guild later today. The Guild had indicated its reservations on allowing FDI in the print media. Veteran journalist Kuldip Nayar says there is no need for foreign investment in this field as it has access to the best of technology. “Freedom of expression is a right that has been given to Indian citizens alone,” he said.