Chandigarh, November 20
India will increase the incentive for foreign film production in the country to 40% of the expenses incurred with an increased cap of Rs 30 crore (exceeding $3.5 million), said Union Minister for Information & Broadcasting and Youth Affairs & Sports Anurag Singh Thakur in his inaugural address at the 54th International Film Festival of India at Panaji, Goa, today. The earlier project cap for incentives was Rs 2.5 crore.
Thakur said 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 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.
The minister announced a recruitment drive for the young minds selected during ‘75 Creative Minds of Tomorrow’. “This year, of 600 entries across 10 categories, 75 young filmmakers have been handpicked from 19 states,” he said.
A new category of awards — Best Web Series (OTT) Category — was being introduced in this edition of the IFFI. Thakur said the IFFI would acknowledge and honour transformative role of original content creators in India, celebrating their contributions to employment and innovation. The minister said: “The IFFI has for the first time augmented the scope of 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.”
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