NEW DELHI: In a major step towards boosting employment, the Central government has approved 26 per cent FDI in digital media This will require the approval of the government. A decision in this regard was taken in the Union Cabinet meeting. Foreign investment in digital media will also increase new job opportunities with the expansion of the sector.
According to the FICCI-EY report, digital media in the country with a growing base of Internet users is expected to outtake the entertainment sector in 2019 and outclass print to reach $5.1 billion by 2021. According to the report, digital media grew by 42 percent in 2018, valued at $2.4 billion. It says that Indians spent 30 per cent of their time on entertainment. The report estimated that digital media could reach $3.2 billion in 2019.
Union Minister Piyush Goyal also made several more announcements on FDI. He talked about 100 per cent FDI in coal mining. Goyal said that the government has put special emphasis on FDI in the last five years, which has resulted in 286 billion dollars of FDI in the past five years. The print media already has 26 per cent FDI allowed and 49 per cent FDI is allowed in broadcasting content services.