Thursday, June 16 2005 15:24 Hrs (IST) - World Time -

New Delhi: In major decisions concerning the newspaper industry, the Union Cabinet today (Jun 16, 2005) decided to permit foreign investment by NRIs, PIOs, overseas corporate bodies (OCBs) and portfolio investments, besides FDI, in print media, but maintained the ceiling of such investments at 26 per cent.

The Cabinet, at a meeting chaired by Prime Minister Manmohan Singh, also decided to allow publication of facsimile editions of foreign newspapers and journals in India, without allowing them access to Indian content or advertisements, Information and Broadcasting Minister S Jaipal Reddy told reporters after the meeting.

It also decided to increase the syndication limit of the total printed area from the present 7.5 per cent to 20 per cent under the automatic route.

Reddy said while the FDI investment ceiling of 26 per cent would remain, investments from other sources may be included within the same limit for the news and current affairs segments.

He said these changes would be incorporated through amendments in the PRB Act with a view to give legal backing to these decisions.