Thread on Govt of India amendments to its allocation of business rules re: Ministry for Information & Broadcasting:

TL;DR: The Govt amended the rules that govern how the business of the Union Govt is conducted to say that MIB is the administrative lead on digital/online media
The operative part is below; they added to the list of business MIB is supposed to manage.

DIGITAL/ONLINE MEDIA
22A. Films and Audio-Visual programmes made available by online content providers.
22B. News and current affairs content on online platforms.

cabsec.gov.in/writereaddata/…
[Fun fact] This was drafted in a hurry. How I can tell that is that the notification for the amendment adding it to the existing rules of business is mis-numbered. They wanted to add it right after film certifications, and misunderstood how to write the roman numerals for it.
Does the current language mean that the Ministry of Info & Broadcasting can directly regulate OTT streaming media and online news? No.

It's about who is supposed to lead on an issue within the different Ministries of the Govt of India. Not regulatory power by itself.
The Govt of India Business Allocation rules basically outline what the Cabinet Secretariat says the different Ministries are supposed to. It's essentially the rules saying who will try to manage what. It binds the Union Govt to a particular structure of functioning.
By themselves, the Business Allocation Rules cannot create new duties on private citizens. They are an extension of Art 77 of the Constitution of India that allows the President (read, the PM + Council of Ministers) to specify how govt business is allocated across Ministers.
What this has done is basically state what the Union Govt's position is on who leads within the Govt of India on the issues of OTT media and online news content. Namely, that this Govt believes that is the job of the Ministry of Info & Broadcasting. Not other Depts.
IMP It also clearly indicates that the Govt would like the Ministry of Info and Broadcasting to do more on this topic. You don't designate a Ministry to lead on an issue unless you want it to govern/regulate/coordinate that issue further.
However, this doesn't mean that the Ministry of Info and Broadcasting can now issue directions and orders that legally compel non-govt actors to do or not do certain things in these sectors. For anything impacting fundamental rights, it needs to be issued under law.
In my considered view: Online streaming media does not automatically get regulated under the Cinematograph Act or Broadcasting regulations - those would have to be accordingly amended. For online news media, relevant laws would also have to be amended - or creatively interpreted.
Basically, while the Cabinet Secretariat can say X Minister and B Ministry are in charge of a topic, the Cabinet Secretariat cannot create new legal burdens or regulation unless covered by an existing law passed by Parliament - or get new laws passed by MPs.
It does indicate Govt intent. That is definitely worrying. This change was made without any proper public consultation - & there has been a lot of opposition from the creative industry, rights groups, & experts on the MIB applying its legacy regulatory approach to online media.
And remember folks,

[The] Winter [session of Parliament] is Coming!
And remember, it's not just about what finally gets passed in Parliament and approved by the courts.

Govt actors will be keen to point to the creative industry and online news groups that perhaps they should "restrain" themselves rather than the Govt do more... #selfcensorship

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