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Panaji/IBNS: Union Minister for Information and Broadcasting Anurag Thakur Tuesday announced a special incentive to invite big budget international film productions in India, highlighting the Centre’s initiatives to catapult India as a global film destination.
With this, the incentive for foreign film production in the country stands today at 40% of the expenses incurred with an increased cap limit of Rs 30 crore (exceeding 3.5 million US Dollars) and an additional 5% percent bonus for Significant Indian Content (SIC).
This step will give further impetus to India’s efforts to attract medium and big budget international film projects to the country.
The Incentives Scheme for the Production of Foreign Films was announced by India last year in Cannes, offering a reimbursement of up to 30% of the expenses incurred for film production in the country, capped at a figure of Rs 2.5 crore.
“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,” Thakur said.
International productions that have been granted shooting permission by the Ministry of Information & Broadcasting and Ministry of External Affairs (for documentaries only) after 01.04.2022 will be eligible for this incentive scheme. The Incentives will be disbursed in two stages i.e., Interim and Final.
The final disbursement claim can be made once the project is complete in India. Incentives will be provided on the recommendation of a Special Incentive Evaluation Committee.
Film Facilitation Office (FFO) set up under the National Film Development Corporation (NFDC) is executing this incentive scheme.
FFO acts as a single-window facilitation and clearance mechanism that eases filming in India, as well as endeavouring to create a film-friendly ecosystem and promoting the country as a filming destination.
Highlighting the many firsts at the 54th edition, he mentioned the focus on 40 women filmmakers at the festival.
He elaborated on the 75 Creative Minds initiative that received 600 entries from across the country this year.
In a bid to protect the intellectual property of the creative fraternity, he noted the recent Cinematograph Amendment Bill 2023 that broadened the legal framework, shifting focus beyond censorship but also introduced vigorous measures against piracy.
Chief Minister of Goa, Dr, Pramod Sawant, welcomed all delegates to, ‘Goa’s beautiful seashores and calm hinterland.’
Speaking of cinema as a universal language that transcends boundaries, he said, ‘It unites hearts, evokes a multitude of emotions, and reflects our dreams, struggles, and aspirations. It also serves as a catalyst for change prompting us to question, aspire for a better world,’ he added.
Highlighting his government’s commitment to promoting film, he mentioned the Entertainment Society of Goa has floated an expansion of interest for the proposed film city in the state.
A first in the history of the festival, superstar Madhuri Dixit received a Special Recognition for her contribution to Indian cinema. Sharing her memories on stage, she nostalgically recalled her first audition in Abodh for Rajeshree Productions.
Present at the opening ceremony were Karan Johar, Vijay Sethupathy, Divya Dutta, Jisshu Sengupta.
Additionally, Bollywood stars Shahid Kapoor, Shriya Saran, Nushratt Bharucha, Sara Ali Khan, Pankaj Tripathi, Shantanu Moitra, Shreya Ghoshal, and Sukhwinder Singh added to the stellar showcase of India’s best talent.
Hollywood superstar Catherine Zeta-Jones will also attend the festival.
Bollywood biggies like Salman Khan, Vidya Balan, Ayushmann Khurrana, Vicky Kaushal, Rani Mukherjee, Siddharth Malhotra, Aditi Rao Hydari, AR Rahman, and Amit Trivedi will also participate.
IFFI has emerged as a sought-after filmnb2q festival on the global festival circuit with a whopping 2926 film submissions from 105 countries this year, three times more international submissions than last year.
Delegates can indulge in a curated selection of more than 270 movies, 13 world, 18 international, 62 Asian, and 89 Indian premieres.
A total of 15 feature films (12 International and three Indian films) vie for the coveted Golden Peacock Award and 32 entries from 15 OTT platforms for the Best Web Series (OTT) Award.
