The media plays an important and multiple roles in society. The most obvious of these are collection and dissemination of information, communication and entertainment among the people. Further, through its reach to the people the media also transmits social and cultural values and serves as a medium of education Thus a major motivation behind the restrictions on cross media ownership is to preserve the diversity of media so that citizens have access to diverse viewpoints that enable them to have access to a wide variety of views and thereby participate fully in democratic process.
Various foreign countries including USA and Australia have very stringent regulation in media sectors including restriction in media sectors whether it is FDI and / or vertical /cross-media restrictions. In India the current sets of regulators for different forms of media are toothless in regard to handling an issue this complex. Hence, a comprehensive regulatory framework i.e. Broadcast Regulation Act is need of the day for media for oversight on potential anti competitive behavior and outcomes in a fast growing and technologically developing sector.
It is submitted that the issue of FDI to be permitted in India cannot be viewed in isolation as it is intrinsically linked with the investments permitted on a reciprocal basis to Indian companies overseas. Developing a strong multinational presence for an Indian company is dependent on what investment climate it faces in India as against what kind of investment opportunities are offered to Indian Companies for providing and undertaking similar services in other countries and acquiring similar assets overseas.
Hence, at the outset it is stated that the premises on which the liberalization of FDI regime and relaxing / removing cross media restriction is being planned to be considered in media sector (especially in News, DTH, HITS, etc.) is based on inadequate points and should be widened to include international trade issues, India’s commitments under GATT and WTO and the reciprocal offers, Indian companies receive in respect of FDI from various countries.
Detailed note on FDI in Broadcasting and Media in India by Mr.Vikki Choudhry
Well said vikky bhai
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