New Delhi: The government will act only as a facilitator for foreign direct investments (FDI) in print media and make amendments in the existing laws to ensure this, Information and Broadcasting Minister Ambika Soni said here Monday.
"We are now nearing the end of the amendment process. I hope by the end of the financial year, you will see lots of amendments in the Press and Registration of Books Act-1867," Soni said.
"These amendments will facilitate foreign newspapers coming in or Indian edition of foreign newspapers getting printed," she told the delegates at World Economic Forum's India Economic Summit.
The minister said the Act should have been amended long ago.
"We are looking at wholesale amendment of the Act. The government wants to be a facilitator in encouraging foreign investments in the media and entertainment sector," Soni said at a session titled "The Future of Indian Media and Entertainment" at the summit.
The United Progressive Alliance government, the minister said, was "more than proactive" in allowing FDI in the media sector, but the media should self-regulate the content and maintain the standards and ethics of journalism.
The government has no intention to regulate the media contents, said Soni.
"We are not going thinking of how to control or influence the content control. As far as the regulation is concerned, you should to do that yourself."
The present foreign investment limit in print media is 26 percent.
She also said the government was looking at allowing news content sourced out of the state-run radio service, All India Radio, to FM channels.