Union Information and Broadcasting Minister Anurag Thakur said at the
International Film Festival of India (IFFI) in Goa that the government is going
to announce a new filmmaking policy.
He said, “We are going to announce a new filmmaking policy today for
international production houses and I’m sure it’s going to be one of the best
in the world. If you look at the last 17 years of IFFI, it has actually become
an international festival. We have seen this year close to 2,000 plus
applications for the film festival which is close to three times more than the
last year.”
“This clearly shows the interest in the International Film Festival of
India. And I’m sure with the new inventions and innovations, new technology,
especially the VFX and other sectors where audio, visuals, gaming, comics,
visual effects, and animation, this all is bringing a lot of post-production
work to India,” he added.
He further said, “I can say that the growth of the media and
entertainment industry in India is 20 per cent annually. Today we are one of
the five largest markets in the world. The film market is one of the biggest
markets not only in South-East Asia but in the entire world.”
According to the Ministry of Information & Broadcasting press
release, “In a significant announcement by Union Minister Anurag Singh Thakur
today at IFFI, the incentive for foreign film production has been enhanced from
30 per cent to 40 per cent.
The incentive for foreign film production in the country stands today at
40 per cent of the expenses incurred with an increased cap limit of ₹ 30 crore
(exceeding 3.5 million US $) and an additional 5 per cent bonus for Significant
Indian Content (SIC).
This step will give further impetus to India’s efforts to attract medium
and big-budget international film projects to the country. The announcement is
also part of the efforts to streamline foreign film productions and to ensure ‘Ease
of Doing Business in India.”
The Incentives Scheme for the Production of Foreign Films was announced
by India last year in Cannes, offering a reimbursement of up to 30 per cent of
the expenses incurred for film production in the country, capped at a figure of
₹ 2.5 crore.
He said, “This paradigm shift in incentivizing film production serves as
a testament to India’s commitment and support for artistic expression and
reinforces our position as a preferred destination for cinematic endeavours.”
The announcement and the policy interventions in the sector are aimed at
boosting the economy, creating jobs and promoting tourism and culture in the
country.
Sunrise industries like AVGC: Animation, Visual Effects and
Postproduction services are also expected to benefit from the recent
initiatives in the film sector, according to the press release of the Ministry
of Information & Broadcasting.
ANI
