The Hindu : National : India slow to accept foreign investment: Murdoch

Online edition of India's National Newspaper
Wednesday, Mar 23, 2005

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India slow to accept foreign investment: Murdoch

NEW DELHI, MARCH 22. Describing India as a ``complicated democracy,'' News Corp Chief Rupert Murdoch today said the country was slow to accept the idea of foreign investment but felt it was changing.

``Though it (India) is rather slow to accept the idea of foreign investment, I think that's changing. Naturally, as with all politically-led governments, it's the slowest in the media sections. Politicians are somewhat paranoid about the media but we still think it's worthwhile,'' he told Star News.

Mr. Murdoch, who is visiting India to review operations of his Star group, was asked to compare the country with China in terms of potential. Asked whether the group was looking at entering the print media segment, he replied in the negative.

``I think to go into newspapers in this country would be fascinating but the truth is you would be stepping into the political arena as a foreigner. I don't think that it would be wise, for me or my company, or wise, particularly for India.

``I think the policies over the years of different governments, the complications arising because of the different political parties have slowed down the progress,'' he said adding there were ``less barriers'' in China for doing business.

``You go to Shanghai and Beijing, which I have been going to for 20 years, and every couple of years that I go there I am amazed at their physical growth but when I come to Mumbai, it still looks the same,'' he added.

Calls on Manmohan, Sonia

Mr. Murdoch called on the Prime Minister, Manmohan Singh, and the United Progressive Alliance chairperson, Sonia Gandhi. He also met the Home Minister, Shivraj Patil, and the Agriculture Minister, Sharad Pawar.

He reviewed Star's operations and also had a meeting with the U.S. Ambassador, David C Mulford.

The media baron is slated to meet the Information and Broadcasting Minister, S. Jaipal Reddy, the Communications and IT Minister, Dayanidhi Maran, and the Commerce Minister, Kamal Nath, tomorrow.

During his meeting with the top government functionaries, Mr. Murdoch is believed to have discussed his Group's presence in India while seeking expeditious clearance for the Rs.1,600-crore joint venture `Space TV' with corporate giant Tatas for starting Direct-to-Home (DTH) service, the proposal for which is awaiting clearance for more than a year. — PTI

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