New Delhi: Debate raged on June 26 over India's historic decision to allow foreign investment in print media, with top editors saying that the move will help jump- start the economy but other industry actors warning of risks to national security.

In comments splashed across Indian newspapers on June 26, a majority of the editors of dailies and media pundits welcomed the move but some expressed serious reservations.

Prime Minister Atal Behari Vajpayee's Cabinet had on June 25 authorised foreign investment of up to 26 per cent in print media companies, breaking a decades-old ban stemming from concern over the impact on editorial policies.

India has since 1955 required that all newspapers and magazines printed in the country be wholly owned by Indian citizens. Moves to change the regulation have been fiercely opposed by much of the political class and the media in recent years.

Pratap Pawar, chief of the Indian Newspaper Society, which looks after the interests of most national and regional dailies, said that the decision "compromised national security".

"The newspaper industry has been kept out of bounds for the foreigners because of its strategic importance," he said.

Pawar said that the entry of foreign interests might jeopardise the relations between the state and the press.

However, a group of top editors welcomed the decision, charging that criticism based on national security was politically motivated.

They noted that the government has insisted that all print media keep Indian nationals in top editorial positions.

"This is wholly misplaced and we welcome the safeguards the government has put in place," the editors said in a statement.

"Fresh inflow of foreign equity will also benefit the Indian economy; in addition, a larger international media presence in India will help present the Indian viewpoint effectively to the global community," they said.

The editors signing the statement included Arun Poorie of 'India Today' news magazine, Shekhar Gupta of 'The Indian Express', Chandan Mitra of 'The Pioneer', Narendra Mohan of the Hindi-language daily 'Dainik Jagran' and T N Ninan of 'Business Standard'.