Search the Internet          Tips  Sites: Finance, Investment

INS to oppose FDI in print media

The Indian Newspaper Society said on Friday that it would work for reversal of government's decision to allow foreign direct investment in the print media but at the same time brace itself to face the challenge from foreign competition.

The stand of the INS is the one adopted by majority of its member publications, INS president Pratap G Pawar said addressing its 63rd Annual General Meeting.

He recalled that notwithstanding opposition from political parties, the Parliamentary Committee headed by Somnath Chatterjee and a "majority" of newspapers, the government went ahead and announced the decision to allow limited FDI "subject to certain restrictions which could be easily circumvented".

Pawar, who handed over reins of his office to Abhay Chhajlani at the end of the meeting, also asked the government to act on the recommendation of the Second Labour Commission who said that there was no need for any wage board, statutory or otherwise, for fixing wage rates for workers in any industry.

"While we empathise with the employees' demand for fair wages, it has to be based on the industry's capacity to pay - decided bilaterally between employers and employees," he said adding that it has been the INS' stand that there was no rationale in singling out the newspapers industry for determination of wages and allowances of employees through statutory wage boards.

ALSO READ:
More Money Headlines