Iconic Brands of print media e.g. The New York Times, Washington Post, Chicago Tribune, The Sun and others in the league of International biggies have, till now, been little more than formidable names for most Indians…only heard or read about…not actually read…except of course by the well-heeled select few…and that too on foreign soil!
Well that is about to become history…or more appropriately stale news! Because the Government of India vide its recent Press Note has permitted foreign investment in publication of facsimile edition of foreign newspapers as well as Indian edition of foreign magazines dealing with news and current affairs. Of course this enabling provision has some in-built checks and restrictions. For instance, publication of facsimile edition of foreign newspapers is permissible (under FDI up to 100%) only with prior Government approval and only by an entity incorporated/registered in India under the provisions of the Indian Companies Act, 1956.
Similarly publication of Indian editions of foreign magazines/periodicals which are brought out on ‘non-daily’ basis, and which deal with news and current affairs is covered under an FDI limit of 26%; of course with prior approval. Additionally the Press Note states that such publications need to adhere to certain guidelines issued by the Indian Ministry of Information & Broadcasting.
Seems like the doors which, till now, were tightly shut are actually ajar! And by the look of things it may not be long before you wake up to find …and feel… the rustle of an International Daily right at your doorstep every morning!
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