Naidu, a former information and broadcasting minister, also said that 'paid news' has become a "menace" which needs to be rooted out.
Noting that "regulations should not become strangulation", he felt there has to be some regulations if the democracy has to function effectively.
"Political leaders and also media houses should discuss what is best instrument or mechanism to have a body which can take care of all aspects of print and electronic media policy...There should be some sort of broad guidelines and regulations," Naidu said while addressing a function to mark the National Press Day, organised by the Press Council of India (PCI).
Highlighting the responsibilities of the media, Naidu said the journalists must raise the voice of people like those living in rural areas and weaker section of the society.
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Criticising sensationalism of news in media, he said the responsibility of journalist is provide correct information with confirmation.
Underlining that news and views should be "separate", he said views should be placed only on editorial page while the rest should be news which should be complete with "alternate views" in the story.
Information and Broadcasting Minister Smriti Zubin Irani said that voices of media shouldnt be suppressed and constitutionally it was the responsibility of government to ensure that media had the freedom to speak.
While Shalini Nair of The Indian Express, received the 'Rural Journalism & Developmental Reporting' award, K Sujith of Mangalam Daily and Chitrangada Choudhury, Freelancer from Odisha, bagged awards for 'Investigative Journalism'.
Photo Journalism awards were given to C K Thanseer of Chandrika Daily, and Vijay Verma of Press Trust of India and J Suresh of Malayala Manorama.
Gireesh Kumar, Times of India, received the award for Best Newspapers Art.