Incentive limit on foreign film production raised to ₹30 cr: Anurag Thakur

Anurag Singh Thakur, Union Minister for Information & Broadcasting and Youth Affairs & Sports in his inaugural address at the 54th International Film Festival of India at Panaji, Goa said that the incentive for foreign film production in the country will be increased to 40% of the expenses incurred with an increased cap limit of ₹30 crore (exceeding $3.5 million). Previously, the per project cap for the incentives was only ₹2.5 crore. An additional 5% bonus will be paid for Significant Indian Content (SIC), the minister said.

Thakur said that there is need for a higher incentive to attract medium and big budget international projects considering India’s size and potential. He underscored that the paradigm shift in incentivising film production serves as a testament to India’s commitment and support for artistic expression and reinforces a position as a preferred destination for cinematic endeavours.

Thakur further announced a recruitment drive for the fresh talent selected in the ‘75 Creative Minds of Tomorrow,’ unwrapping limitless opportunities for their career path. The Prime Minister's vision gave birth to '75 Creative Minds of Tomorrow' in 2021, with its 3rd edition providing the youth with a podium to portray their creative expression via cinema.

“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”, he states.

The minister has announced a new category of awards named as Best Web Series (OTT) category- being introduced in this edition of IFFI(International Film festival of India). Accentuating the new components in the fest, Thakur said IFFI will honour the transformative role of original content creators in India, glorifying their contributions to innovation.

He underlines, “For the first time, IFFI has augmented the scope of Film Bazaar by introducing a ‘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.”

Emphasising India’s adherence to women empowerment, he emphasised that this year’s IFFI will feature films from 40 remarkable women filmmakers.

Narendra Modi, the Prime Minister of India, has invariably emphasised  the creation of an inclusive and accessible India through the mantra of 'Sabka Saath, Sabka Vikas.' Glorifying this matra, the union minister gave it a new dimension with an extension of ‘Sabka Saath, Sabka Manoranjan’ i.e ‘Entertainment for all’ by making inclusivity an integral part.

“All venues for this year's festival will be equipped with facilities catering to the differently abled. There will be four additional special screenings for visually and hearing impaired delegates with embedded audio descriptions and sign language provisions”, he highlights.

Thakur emphasised that the Cinematograph (Amendment) Bill, 2023 has been approved which widens the focus beyond legal framework, “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.”

Emphasising the glueing role of cinema, Thakur elaborated that the cinema has captured ideas, imagination in a way that it forms a driving force for peace in a diverse world.

“The power of cinema is incredible and it is fascinating how these ideas shape our world,” Thakur expressed.

Concluding his remarks, the Minister said that his vision for IFFI goes beyond one event, to what IFFI should be when India celebrates its 100th year of Independence once we transition from Amrit Mahotsav to Amrit Kaal.