In a move to further liberalise the print media, India has withdrawn a decades-old ban on local editions of foreign news magazines but limited the ceiling of 26 percent on foreign direct investment (FDI) in such joint ventures.
A meeting of the Indian cabinet presided over by Prime Minister Manmohan Singh approved the local publication of foreign news magazines in partnership with domestic firms.
While the FDI cap on these magazines has been placed at 26 percent, which is the ceiling for all news media in print and TV, there is no cap on their foreign and local content.
"The cabinet has given approval to review the print media policy by allowing Indian editions of foreign magazines publishing news and comments. Periodicals falling under the news and current affairs category will now be allowed with 26 percent FDI", said Information and Broadcasting Minister PR Dasmunsi.
At present, only technical, specialised and educational foreign magazines are permitted with the same FDI cap.
The government said the move would help Indians get foreign news magazines at a much cheaper rate.