Govt hikes incentive for foreign film production in India by 40%

Panaji: In a bid to lure foreign filmmakers and production houses to shoot and produce films in India, Union Minister for Information & Broadcasting and Youth Affairs & Sports Anurag Singh Thakur on Monday said that the government will increase the incentive offered for foreign film production in India by 40 % of the total expenses incurred with an increased cap limit of Rs.30 crore (exceeding $3.5 million). Thakur made this announcement at the 54th International Film Festival of India (IFFI)in Panaji, Goa on Monday. Earlier, the incentive per film project was approximately Rs 2.5 crore. Thakur also mentioned that an additional 5% bonus would be offered if the film had significant Indian content (SIC).

The minister mentioned that in the next three years, India would be the third largest hub for films and entertainment in the world. Keeping this in mind there is an urgent need to attract big-budget film projects in the country. “This paradigm shift in incentivizing film production is a testament to India’s support for artistic expression. Considering India’s size, natural beauty, diversity, and talent pool, we have vast potential. India will be the preferred destination for cinematic endeavors,” Thakur said.

In view of the mass appeal of OTT platforms, the I&B Minister announced a new category of awards – the Best Web Series (OTT) category. As a mark of inclusivity, Thakur pointed out that for the first time in the world, a film festival (IFFI) was being made for specially-abled persons. “All the film screening venues for this year's IFFI are equipped with facilities catering to the specially-abled. There will be four additional special screenings for visually and hearing-impaired delegates with embedded audio descriptions and sign language provisions,” he said. The minister added that to break barriers, efforts have been made to provide wheelchairs, e-rikshaws, and information in Braille.

Madhuri Dixit Nene received a special award for her invaluable contribution to Indian cinema. Thakur wrote on his micro-blogging site X account: “An icon across the ages, @MadhuriDixit has graced our screens with unparalleled talent for four incredible decades. From the effervescent Nisha to the captivating Chandramukhi, the majestic Begum Para to the indomitable Rajjo, her versatility knows no bounds.” Several celebrities like Sunny Deol, Shekhar Kapoor, Sarah Ali Khan, Khushboo, Nushrat Bharucha, Karan Johar to name a few graced the opening ceremony of the 54th IFFI edition in Goa.

SHOWTIME FOLKS

• Madhuri Dixit honoured with ‘Special Recognition for Contribution to Bharatiya Cinema’ Award at 54th IFFI, Goa 2023
• For the first time, audio descriptions, Braille, and sign language provisions made for specially-abled persons at IFFI, Goa 2023
• Max incentive for foreign film production in India up by 40 % of expenses incurred with a raised limit of Rs 30 crore, exceeding $ 3.5 million
• New category of awards – the Best Web Series (OTT)