Minister for Information & Broadcasting Anurag Singh Thakur yesterday said that India will increase the incentive for foreign film production in the country to 40 percent of the expenses incurred with an increased cap of Rs.30 crore (exceeding USD 3.5 million).
Earlier, the project cap for the incentives was Rs 2.5 crore. An additional five percent bonus for Significant Indian Content (SIC) is being introduced now, the Minister said in his inaugural address at the 54th International Film Festival of India (IFFI) at Panaji, Goa.
According to Thakur, there was a need for a higher incentive to attract medium and big budget international projects to the country considering India’s size and vast potential.
“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”, an official government statement quoted Thakur as saying.
Meanwhile, Thakur also announced a recruitment drive for the young minds who were selected in the ’75 Creative Minds of Tomorrow’ initiative, opening up doors to limitless opportunities for their blossoming talents.
The ’75 Creative Minds of Tomorrow’ initiative, now in its 3rd edition, was born in 2021 from Prime Minister Modi’s vision to provide the youth with a platform to showcase their creative expression through the medium of cinema, the statement explained.
“This year, out of nearly 600 entries across 10 categories, 75 young filmmakers have been handpicked from 19 States, including remote areas like Bishnupur, Jagatsinghpur, and Sadarpur”, the Minister added.
In his inaugural speech, while dwelling on the newly-introduced category of Best Web Series (OTT) award, the Minister said IFFI will acknowledge and honour the transformative role of original content creators in India, celebrating their contributions to employment and innovation.
He also highlighted that “for the first time” IFFI has augmented the scope of the Film Bazaar by introducing a well-curated ‘VFX & Tech Pavilion’ to showcase the latest innovations from the cinema world, and a documentary section to its co-production market to support non-fiction storytelling.
Confirming India’s commitment to the cause of women empowerment, Thakur said that this year’s IFFI will feature films from 40 remarkable women filmmakers.
“Their talent, creativity and unique perspectives promise to make the festival a celebration of diverse voices and narratives”, added.
The Minister touched upon several measures taken by the federal government in the recent past to augment the Media & Entertainment sector in India.
“Recently, under the leadership of Hon’ble Prime Minister Shri Narendra Modi ji, the Cinematograph (Amendment) Bill, 2023, received approval from both the Lok Sabha and Rajya Sabha. This legislation not only broadens the legal framework, shifting its focus beyond censorship to encompass copyright protection, but also introduces rigorous measures against piracy”, he emphasized.