Along with mobile banking, another sector got a little freer this week. Foreign news magazines can now publish Indian editions:
In a significant further opening up of the print media, the Union Cabinet on Thursday approved a revised policy that would allow Indian editions of foreign magazines in the news and current affairs category.
…
The review of print media policy permits Indian publishers entering into such agreements to include local content and carry domestic advertisements, both of which were forbidden under previous guidelines.
Because I am an impractical libertarian I will now find fault even with this welcome opening up. As the Financial Express also points out, FDI is restricted to 26%, which means that the true benefits of foreign money coming in and setting up professional news organisations will be limited. (At this point, my skeptical alter-ego intervenes and points out that what with the currrent financial crisis, and foreign media organisations not exactly sitting on mountains of cash, there wasn’t going to be a huge amount of money coming in anyway.)
Also, the requirement of five years of prior circulation of at least ten thousand copies means that if News Corp decides to launch a new magazine worldwide, they can’t do a simultaneous launch in India. Oy vey.
It’s a start, though.
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Posted by Aadisht