While global CEO John Ridding declined to comment on any new plans, he voiced considerable disapproval of the hurdles that foreign media owners must overcome if they wish to publish in India.
At present, India allows 26 per cent foreign direct investment in news and current affairs publications.
At present, India allows 26 per cent foreign direct investment in news and current affairs publications.
“The regulatory framework is very difficult, and it is fairly sub-optimal for the business community,” Ridding told Media. “We’ve made countless trips and there’s been progress, but it’s been very slow.”
At present, Financial Times content is available in India via a deal with local business daily Business Standard, via a 13.9 per cent stake in the title, while the newspaper itself is also flown in from Dubai.
“What you have is one of the most dynamic business cultures and a very lively media scene, and yet major publications are not allowed to print there,” added Ridding. “It’s a shame.
“What people don’t often hear is the Indian business community are saying that they want our stuff. It would be a great step forward for all concerned.”
A protectionist domestic media lobby has stymied attempts to raise the cap.
India is currently the FT’s third biggest marketing for advertising in Asia-Pacific, after Japan and Hong Kong.
