At IFFI Goa, Anurag Thakur says incentives for foreign film production in India will be raised to 40% reimbursement of expenses incurred in the country, with the cap also hiked to Rs 30 crore
Rolling out the red carpet for foreign filmmakers, Union Information and Broadcasting Minister Anurag Thakur on Monday said the incentives for foreign film projects in India will be increased to 40 per cent of expenses incurred (in India), with an increased cap limit of Rs 30 crore, up from existing Rs 2.5 crore.
At the opening ceremony of the 54th International Film Festival of India (IFFI) in Goa, Thakur said that given India’s size and vast potential, a need was felt to offer a higher incentive to attract the medium and big-budget international film projects to the country.
The film festival, which will continue till November 28, opened with the British film, ‘Catching Dust’.
Thakur said IFFI this year has received a record 2,926 film submissions from 105 countries, three times more international submissions than last edition. More than 270 films will be showcased at the festival.
Hollywood actor Michael Douglas will be conferred with the Satyajit Ray Lifetime Achievement Award for Excellence in World Cinema. Douglas will accept the award on November 28.
The festival will also have over 20 ‘masterclasses’ and sessions with prominent filmmakers, cinematographers, and actors.
“This paradigm shift in incentivising 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 said.
At the Cannes film festival last year, Thakur had announced an incentives scheme for production of foreign films in India, offering a reimbursement of up to 30 per cent of their expenses incurred in India, capped at Rs 2.5 crore.
“The maximum incentive will now be up to 40 per cent of the expenditure incurred, with a raised limit of Rs 30 crore, exceeding 3.5 million dollars. You can also get an additional 5 per cent bonus for significant Indian content (SIC). So, we are pushing both — making films and also Indian content,” he said.
He also listed out the benefits of the Cinematograph (Amendment) Bill, 2023, recently approved by Parliament. “This legislation not only broadens the legal framework… but also introduces rigorous measures against piracy. Now, if anyone steals the work of our film stars or directors or producers, they will face imprisonment of 3 years and a fine ranging from Rs 3 lakh to 5 per cent of the film cost,” he said.
