Indian magazine foreign investment limits may be raised to 49%

The Indian government is considering raising the limit on foreign investment in Indian magazine businesses. Information and broadcasting ministerAmbika Soni told the annual meeting of the Indian Magazine Congress that assessment was being made of requests from media houses to increase the foreign direct ownership limit to 49% (it is now 26%).

Alluding to the growing international interest in the Indian magazine business and the government’s nod to the publication of Indian edition of foreign magazines dealing with news and current affairs, Soni asked key media players to evolve a consensus on the issue within the industry.

It was noted in a government release that in the last 5 years, the Ministry of Information & Broadcasting has given approvals for publications of 351 magazines/journals in FDI sector in the various genres of Indian entities publishing newspapers and periodicals.