New Delhi: IFFI has begun in full swing. At the opening ceremony of the 54th International Film Festival of India( IFFI) Goa, Anurag Thakur spoke about India's vast potential and the need to offer a higher incentive to attract medium and big-budget international projects to the country.
Minister for Information and Broadcasting Anurag Singh Thakur on Monday, during the inauguration of IFFI, announced that the incentive for foreign film production has been enhanced from 30 to 40 per cent. Anurag Thakur said the incentives for foreign film projects in India will be increased by a margin of 30-40%, up from the existing Rs. 2.5 cr.
"The incentive for foreign film production in the country stands at 40 per cent of the expenses incurred with an increased cap limit of Rs 30 crore (exceeding 3.5 million US Dollars) 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 minister said.
He said that 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 at 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 Rs 2.5 crore.
“This paradigm shift in incentivising 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," he said.
He said that the International productions that have been granted shooting permission by the Ministry of Information & Broadcasting and Ministry of External Affairs (for documentaries only) after April 1, 2022, will be eligible for this incentive scheme.
(with inputs from IANS)