Boost for foreign film production in India as incentives soar to 40%
PANAJI: In a significant and important announcement at the International Film Festival of India (IFFI), Union Minister for Information and Broadcasting Anurag Thakur unveiled a substantial increase in incentives for foreign film production in the country. The move aims to bolster India’s position as a preferred destination for international cinematic ventures.
The incentive for foreign film production has been raised from 30 percent to a remarkable 40 percent of the expenses incurred, coupled with a heightened cap limit of Rs. 30 crore (exceeding 3.5 million US Dollars). Additionally, a 5 percent bonus will be granted for films featuring Significant Indian Content.
This strategic step not only provides a significant impetus to India’s efforts to attract medium and large-budget international film projects but also aligns with the broader goal of ensuring ‘Ease of Doing Business in India,’ the minister underlined on Monday during the inaugural session of 54th IFFI.
Last year, India introduced the Incentives Scheme for the production of foreign films at Cannes, offering a reimbursement of up to 30 percent of production expenses, capped at Rs 2.5 crore.
Thakur highlighted the paradigm shift in incentivizing film production as a testament to India’s commitment to artistic expression and its emergence as a favoured cinematic destination. Eligibility for the enhanced incentives is extended to international productions that have received shooting permission from the Ministry of Information and Broadcasting and the Ministry of External Affairs (for documentaries) after April1 in the last year.