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I&B Ministry's views sought on FDI in digital media

I&B Ministrys views sought on FDI in digital media
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The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of Information and Broadcasting Ministry on issues raised by certain stakeholders over the government's decision to permit 26 per cent FDI in digital media sector, an official said.

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New Delhi: The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of Information and Broadcasting Ministry on issues raised by certain stakeholders over the government's decision to permit 26 per cent FDI in digital media sector, an official said.

In August, the government approved permitting 26 per cent foreign direct investment (FDI) under government route for uploading/streaming of news and current affairs through digital media, on the lines of print media.

Certain industry players and experts have stated that the move to cap FDI in the sector to 26 per cent throws up questions that need clarifications as some of those who were looking to raise funds could be restricted.

"Those issues which were raised on the decision, we have sent that to the Information and Broadcasting Ministry and they are looking into it for suitable clarification," the official said.

Some of those matters are clarificatory in nature, the official said, adding that FDI in the sector is permitted through government approval route, so the ministry has to be consulted.

Deloitte India Partner Jehil Thakkar had said that clarity was needed on how to treat cases of television broadcasters which stream news online but are allowed 49 per cent FDI.

"What happens to those, whether they qualify under 26 per cent or 49 per cent (FDI)? What happens to news websites which are 100 per cent foreign entity?" he had said.

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