Union Minister for Information and Broadcasting Anurag Thakur on Monday announced enhancing incentive for production of foreign movies in the country, hiking the limit for reimbursement of expenses incurred in the country as he inaugurated the 54th International Film Festival Of India (IFFI) here in Goa.
The move was aimed at attracting medium and big budget international film projects to India, he said while addressing a star-studded gathering after opening the 54th edition of IFFI at Dr Shyama Prasad Mukherjee Indoor Stadium.
The paradigm shift in incentivizing film production serves as a testimony to India's commitment and support for artistic expression and reinforces its position as a preferred destination for cinematic endeavours, Thakur said.
The minister said last year at the Cannes Film Festival, the central government introduced an incentive scheme for production of foreign films in India, offering reimbursement of up to 30 per cent of their expenses incurred in the country, capped at Rs 2.5 crore.
The scheme was announced with an aim to make India a favourite destination for foreign film makers.
“We realised that given India's size and vast potential, there was a need for higher incentive to attract medium and big budget international projects. Today, I am pleased to announce an increase in the incentive for foreign film production in India," Thakur said.
“The maximum incentive would be now up to 40 per cent of the expenditure incurred with a raised limit of Rs 30 crore, exceeding USD 3.5 million. You can also get additional 5 per cent bonus for significant Indian content,” he added.
Speaking further, Thakur said the Government of India has taken several measures in the recent past to augment the media and entertainment sector.
“Recently, the Cinematograph Act, which stands as the Cinematograph (Amendment) Bill, 2023, received approval from both Lok Sabha and the Rajya Sabha,” he said.
The legislation not only broadens the legal framework, shifting its focus beyond censorship to encompassing the copyright protection, but also introduces rigorous measures against piracy, stated the minister.
“Only few countries have done this (bring a law like Cinematograph Act). This has been done under the leadership of (Prime Minister) Narendra Modi,” Thakur added.
Thakur lit the traditional lamp in presence of Goa Chief Minister Pramod Sawant, Union Minister of State for Information and Broadcasting L Murgan and Union minister Shripad Naik, among others, to mark the inauguration of the IFFI.
Actors Madhuri Dixit, Shahid Kapoor, Pankaj Tripathi, Sunny Deol and filmmaker Karan Johar were present for the opening ceremony of the nine-day festival being held at different venues in the coastal state.
