By: (AP) India's government will allow foreign news companies to invest in India's print media despite criticism from opposition parties and several major newspapers.
The Cabinet, in a meeting chaired by Prime Minister Atal Bihari Vajpayee, approved a proposal that allows up to a 26% investment by foreign news organizations in Indian newspapers and newsmagazines.
The decision overturns a 1955 Cabinet resolution that barred foreign ownership of Indian news publications and the printing of most foreign newspapers and magazines inside the country.
Several political parties and large newspapers had opposed the entry of foreign players, fearing it could affect the independence of the Indian print media and that local news content would be shaped by foreigners.
Information and Broadcasting Minister Sushma Swaraj said that under the decision all key newspaper and magazine editorial posts would still have to be held by Indians.
The approval also allows for up to 74% foreign direct investment in non-news specialty magazines, such as scientific, technical, or travel publications.
Foreign broadcast companies are allowed to own up to 49% of television and radio stations.
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