Since 1991, India's courting of foreign investment has been accompanied by protectionist posturing in sensitive sectors like insurance and the media. The tensions in making the shift from a mixed economy to a relatively open and market-oriented economy were evident when the government considered reviewing a ban imposed by Jawaharlal Nehru's government in 1955, and allowing foreign press companies to operate in the country's ‘mind-market’ in 1991. This led to a welter of protest, forcing the government to drop the move. Since foreign media proposals periodically engage government attention and provoke reactions, this is an attempt to take a closer look at the issues involved. This paper will examine the posturing of the Indian elites, the state of the Indian press, the notion of media-cultural imperialism and the legal question of media ownership by foreign nationals. It will conclude with the suggestion that nationalist, cultural and mercantile interests were conflated to run one of the most effective campaigns by the press against the government in recent years. Large sections were animated by genuine concerns, but mercantile interests rode high, and manipulated them to telling effect.