India Boosts Film Industry with New Policy and Incentives

India Boosts Film Industry with New Policy and Incentives

VoM News Desk | November 20, 2023 | 10:41 PM IST | Entertainment | Follow on Google News

India Boosts Film Industry with New Policy and Incentives

India Boosts Film Industry with New Policy and Incentives

Union Minister of Information and Broadcasting Anurag Thakur announced a groundbreaking new filmmaking policy at the International Film Festival of India (IFFI) in Goa. The policy, aimed at international production houses, is expected to rank among the best in the world. Thakur highlighted the significance of IFFI, which has seen a substantial increase in applications, indicating growing global interest in the festival.

Growth and Opportunities in the Indian Film Industry

Thakur emphasized the rapid growth of the media and entertainment industry in India, noting an annual growth rate of 20 percent. He pointed out that India’s film market is one of the largest globally, not only in South-East Asia. The development of sectors such as VFX, audio-visuals, gaming, comics, visual effects, and animation has attracted considerable post-production work to India.

Enhanced Incentives for Foreign Film Production

In a significant move, Thakur announced the enhancement of incentives for foreign film production in India, increasing from 30% to 40%. The incentive now includes up to 40% of expenses incurred, with a cap limit raised to Rs. 30 crore (exceeding 3.5 million US Dollars), along with an additional 5% bonus for Significant Indian Content (SIC). This initiative aims to attract medium and big-budget international film projects to India and is part of the government’s effort to streamline foreign film productions and ensure ‘Ease of Doing Business in India.’

Boosting Economy, Jobs, and Tourism Through Film Sector

The new policy and incentive scheme are designed to boost the economy, create jobs, and promote tourism and culture in India. Furthermore, sunrise industries like Animation, Visual Effects, and Postproduction services are expected to benefit significantly from these initiatives, reinforcing India’s position as a preferred destination for cinematic endeavors.

VoM News Desk

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