PANJIM: To attract filmmakers from across the globe and encourage film shooting in India, the union minister for information and broadcasting Anurag Singh Thakur on Tuesday announced an increase in the incentive being offered for foreign film productions. A foreign film or co-production with India will now be able to claim up to 40 percent of the expenditure incurred with the maximum limit capped at Rs 30 crore. An additional five percent bonus will be given for 'significant Indian content'.
"There was a need for a higher incentive to attract medium and big-budget international projects. 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 endeavors," said Thakur at the inauguration ceremony of 54th edition of the International Film Festival of India (IFFI) in Panjim.
Last year in May, the Centre introduced the incentives scheme offering a reimbursement of up to 30 percent of the expenses incurred in India capped at Rs 2.5 crore.
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This year, 13 World premieres, 18 International premieres, 62 Asia premieres, and 89 India premieres will be held at the festival.
"For the next eight days, Goa will be coloured in the grandeur of 54th IFFI, a 'mélange of ideas, creativity, cinematic brilliance and sheer entertainment', that epitomizes India's growing position as the world's 5th largest market in the Media and Entertainment industry," added the minister.
Speaking about the impact of cinema, Thakur said that our movies are more than just entertainment, they are a significant part of life. "In 1902, long before space organizations were even conceived or conceptualized, a remarkable French Film by Georges Méliès called, ‘A Trip to the Moon,’ inspired by various sources, boldly suggested the idea of space travel and sparked the possibility of moon landings becoming a reality, one day! ...Fast forward to 2023, India made history by successfully landing near the Moon's South Pole with the Chandrayaan-3 Mission, marking a groundbreaking achievement by our scientists in space exploration," he said.
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He further added that a visionary work of art from over a century ago spread the seeds of scientific possibility and progress in people's minds.
"Isn't it fascinating how these ideas shape our world? Isn't that incredible, the power of Cinema? I strongly believe that, throughout its history, Cinema has captured and chiseled ideas, imagination and innovation such that it forms the driving force for peace, progress and prosperity in a world which is increasingly distressed with division," said Thakur.
