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FDI in media should be on reciprocal basis, says Dr Subhash Chandra

Dr Chandra is of the view that there is no harm in giving foreign companies significant minority ownership or for that matter complete ownership of news media in India, but on a reciprocal basis.

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Dr Subhash Chandra, chairman, Essel Group, speaks at an International Advertising Association event in Mumbai on Tuesday
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Dr Subhash Chandra, chairman of Essel Group, has called for a system of allowing foreign ownership of news media in India on a reciprocal basis.

Dr Chandra is of the view that there is no harm in giving foreign companies significant minority ownership or for that matter complete ownership of news media in India, but on a reciprocal basis.

"I am not against 49% ownership in news media by foreign companies or for that matter even 100%. However, as a sovereign nation, I will still voice that if Americans want 100% ownership in news media here, they should also give us 100% ownership in news media in their country. As long as they reciprocate, I have nothing against it," said Dr Chandra in response to a query from the audience during the International Advertising Association (IAA) Conversations on News Neutrality, held on Tuesday evening in Mumbai.

Talking specifically on the topic of ownership (corporate / political / individual) of news media, Dr Chandra said that it is very important to first determine the ownership itself. "Today, there are over 300 news channels in the Indian television industry. I can bet 70% of them are owned by people not eligible to own those news medium. While the Indian law is very clear that no political party should own a news channel or no religious group should own a channel there are examples of such sects with ownership of channels. This is because the execution and implementation of the law is very weak," said Chandra, adding that ownership of channels is very opaque and that he would not be surprised if one or two channels were owned by Dawood Ibrahim.

Citing an example of a chartered accountant who owns a prominent channel in New Delhi and his practice is just worth around Rs 70 lakh annually, Dr Chandra said the channel loses Rs 15 crore every year. "Where is the chartered accountant getting all the funding from?," asked Dr Chandra.

On measure to be taken to deal with the ownership issue, he said that certain suggestions are being made to the Indian Government in this matter. "We are working (with the government) on it and will hopefully get some traction post the Bihar elections," said Dr Chandra.

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