Financial Daily from THE HINDU group of publications
Wednesday, Apr 13, 2005

Port Info

Group Sites

Industry & Economy - Foreign Direct Investment
Government - Policy

Govt may allow 20 pc FDI in FM radio broadcasting

Our Bureau

New Delhi , April 12

THE Information and Broadcasting Ministry has decided to allow 20 per cent foreign direct investment in private FM radio.

However, it has decided not to permit private radio channels to air news and current affairs programmes.

Under the existing guidelines, while foreign institutional investors (FIIs) can invest up to 20 per cent in private radio companies, FDI per se was not allowed. "We have formalised the policy package for the private FM radio and sent it to various ministries for taking their views, before seeking Cabinet approval," said Mr Jaipal Reddy, Information & Broadcasting Minister, on the sidelines of an Assocham conference.

The Minister said the FDI level is being maintained at the existing FII cap. "We hope to take this proposal to Cabinet soon," he added.

However, the Minister maintained that the Government is not open to the idea of allowing news and current affairs on private FM radio. "There are certain reservations, especially on the front of cross media ownership," he added. Last week, Mr Reddy had announced that the radio industry would be allowed to move from a license fee regime to a revenue share arrangement.

Meanwhile, Mr Reddy said that Ministry has not yet received the views of the Ministry of Company Affairs (MCA) on the Tata-Star direct-to-home application. The Company Affairs Ministry have found loopholes in the application. Also, the I&B Ministry, being the nodal Ministry is unlikely to overrule the views of the MCA.

While addressing the seminar, Mr Reddy said that every filmmaker applying for shooting films in India will get a `deemed acceptance' and a unit in his Ministry will get all the clearances in this regard.

A unit under the Joint Secretary (Films) will scrutinise every application in this regard. India has signed a statement of intent with the UK and was in the process of signing treaties with Italy, France, and Germany among others for co-productions in filmmaking.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Industrial growth in Feb falls to 4.9 pc

Planning process to be assessed
Taiwan seeks partners in machinery ventures
In for a facelift
GRC, Teri in pact to promote `Green Gulf'
Trade hails supplement to foreign trade policy
PM launches rural health mission
INFAC India team visits hi-tech park site at Nanguneri
Indian cos going slow on promoting Valdecoxib
Mumbai suburbs suffer outage after REL's Dahanu unit trips
Govt to support flow of captive power to tide over shortages
Corporation tax mop-up touches Rs 83,311 cr
Kerala traders call off stir
`Govt will try to rectify anomalies in new tax regime'
FAPCCI urges review mechanism on VAT
`Exempt stockbroking franchisees from service tax'
One-day seminar on technical textiles
Textile team to leave for China fair today — To explore opportunities post-WTO
Next Kerala B2B meet in Sept
L&T bags Rs 165-cr order from Bangalore water supply board
BARC desalination plant coming up in Lakshadweep
NCC academy on the cards in AP
Sisspa office-bearers
Govt not to divest stake in EIL
Govt may allow 20 pc FDI in FM radio broadcasting
Average salary offers touch Rs 10 lakh at ISB placements
A forum to hone skills of entrepreneurship
CSEZ exports touch Rs 638 cr in 2004-05
TN, APEDA pact to set up cashew export zone
India bid to woo more tourists from West Asia
INTACH aims for corporate aid to protect Hyderabad heritage
ICAI wants cash transaction tax move dropped
New PIB chief for AP

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line