Incentive for foreign film production has been enhanced from 30% to 40%, he said.
Union Minister of Information and Broadcasting Anurag Thakur said at the International Film Festival of India (IFFI) in Goa on Monday 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 percent 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% to 40%. The incentive for foreign film production in the country stands today at 40 % of the expenses incurred with an increased cap limit of Rs. 30 crore (exceeding 3.5 million US Dollars) and an additional 5% percent 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% of the expenses incurred for film production in the country, capped at a figure of Rs 2.5 Crore.
Announcing Goa, 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", he added.
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.
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