Government is going to announce a new filmmaking policy for international production houses, announced Union Minister of Information and Broadcasting Anurag Thakur said at the International Film Festival of India (IFFI) in Goa on Monday.
“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,” the Union Minister said.
“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 further said.
He went on to say, “I can say that the media and entertainment industry in India is growing at a rate of 20% per year. We are now one of the world’s top five markets. The film market is one of the largest in the world, not just in South-East Asia.”
According to a press release from the Ministry of Information and Broadcasting, “in a significant announcement made today at IFFI by Union Minister Anurag Singh Thakur, the incentive for foreign film production has been increased from 30% to 40%.”
The incentive for foreign film production in the country is now 40% of expenses incurred, with a cap limit of Rs. 30 crore (more than 3.5 million US dollars) and an additional 5% percent bonus for Significant Indian Content (SIC). This step will strengthen India’s efforts to attract medium and large-budget international film projects.
The announcement is also part of the government’s efforts to streamline foreign film productions and ensure the “Ease of Doing Business in India.”
