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PRESS TRUST OF INDIA
NEW DELHI, OCT 6: India's first-ever advertising policy is on the anvil to allow foreign investment upto 100 per cent in new or "green-field" advertising projects and upto 74 per cent in joint venture projects in the country's fast growing advertising sector.
This was told by information and broadcasting minister Sushma Swaraj at a meeting here today with representatives of the advertising industry.
Official sources said the four-member delegation from the advertising industry that met Swaraj was led by Ram Saigal, president of the Advertising Association of India.
The meeting had been primarily called to understand the problems being faced by the advertising industry and to get their viewpoint regarding foreign investment in the booming advertising industry, they said.
A few well-known foreign advertising companies are at present active in India through their local subsidiaries and a number of multinational advertising corporations have of late been seeking direct investment in this sector, theofficials said.
With liberalisation of the Indian economy and availability of cheap and trained professionals, foreign advertising companies are increasingly interested in making India their base to launch advertising campaigns here as well as in neighbouring countries, they said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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