India is considering a proposal to increase the limit on foreign direct investment in local newspapers and magazines, two government officials said on Thursday.
The Finance Ministry recommended raising the cap to 49 per cent from 26 per cent, bringing it on par with that on news television channels, the officials said, asking not to be identified citing rules for speaking with the media.
The Department of Industrial Policy and Promotion will decide on the matter, they added.
Since taking power in 2014, Prime Minister Narendra Modi has raised investment limits in sectors including airlines, railways and defense. Asia's third-largest economy is now one of the most open in the world, the government said last month.
Shares of Jagran Prakashan, publisher of the hindi newspapers jumped to 5.1 per cent and the stock closed at a record Rs 182.4 after the news. HT Media also surged up to 6.3 per cent and DB Corp Ltd. briefly pared losses.
Finance Ministry spokesman D.S. Malik didn't answer two calls when tried to be contacted.
