New Delhi: Acrimony and sharp differences among the country's top editors on the government's decision to allow foreign direct investment (FDI) in print media came to the fore at a panel discussion on the issue on July 5.

Endorsing the move to allow 26 per cent FDI, editor and publisher of 'Business Standard', T N Ninan, said, "This is not about patriotism. It is about monopoly."

Maintaining that Bennet and Coleman Ltd, the publishers of 'The Times of India', which opposed FDI, made more money than the total income of all other publishing houses put together, Ninan wondered why the group, which had negotiated with international publishing houses for equity stakes in the past, was today opposing the move.

Claiming that several major newspapers were in favour of FDI, Ninan said the government need not go by unanimity on the issue as Hindustan Motors was not consulted before allowing Suzuki to have equity in Maruti nor were other corporates consulted prior to allowing FDI in their fields.

Managing executive editor of 'The Times of India' Dileep Padgaonkar claimed that 76.3 per cent of the readership was opposed to FDI, besides National Democratic Alliance (NDA) allies, the Indian Newspaper Society and even the Sangh Parivar and Opposition parties.

Questioning why the Indian newspapers favouring FDI were not going public or approaching financial institutions for back-up, he said even in advanced countries such as Canada, France and Australia, there were severe restrictions on FDI in print media.

PTI