Decision on raising FDI cap in print, broadcasting sector put off

The Information and Broadcasting (I&B) Ministry is yet to take a final call on Finance Ministry’s proposal to increase foreign direct investment (FDI) cap in print and broadcasting sector from the current 26 per cent.

Indicating that it will take more time to firm up its view on the proposal, the Ministry on Monday said it had sought views of the Telecom Regulatory Authority of India (TRAI) and Press Council of India (PCI).

Finance Minister P Chidambaram has set July third week as the deadline for a decision on raising FDI limit in various sectors.

“As the process of consultation with both TRAI and PCI would take time, the Ministry has communicated to Department of Industrial Policy and Promotion (DIPP) that the existing limits of FDI caps and entry routes in the print and broadcasting sectors may continue and status quo in the interim be maintained as prescribed in the consolidated FDI Policy 2013,” it added.

Prime Minister Manmohan Singh is scheduled to hold a meeting on Tuesday to discuss the proposal to hike foreign investment caps in sectors like telecom, retail and defence, with his senior Cabinet colleagues.

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