India on Wednesday rolled out the red carpet for foreign filmmakers to make movies in the country by offering incentives up to Rs 2.5 crore for co-production and hiring local manpower in such ventures.
Information & Broadcasting Minister Anurag Thakur made the announcement after inaugurating the India Pavilion at Cannes Film Market – ‘Marche du Film’ in the presence of personalities from showbiz including Deepika Padukone, A R Rahman, R Madhavan, Shekar Kapur, and Prasoon Joshi.
Under the incentive scheme, the Indian co-producer of an international film project can claim cash reimbursement of up to 30 per cent of qualifying expenditure in India or up to 2.6 lakh dollars (Rs 2 crore), Thakur was quoted as saying in an official release.
Foreign films shooting in India can claim an additional 5 per cent bonus up to a maximum of 65,000 dollars (Rs 50 lakh) for employing 15 per cent or more manpower locally, he said.
The schemes will provide an impetus to global collaborations with India, attract investment from foreign filmmakers and help promote India as a filming destination, Thakur said.
A project with ‘co-production’ status from the Ministry of Information & Broadcasting and from a country that is signatory to the bilateral co-production treaties will be eligible for the incentives. International film productions that have received permission for shooting will be eligible for availing the incentives for hiring local manpower.
Projects granted permissions after April 1, 2022, will be eligible for availing the benefits under the incentive scheme. Thakur said the government aimed to make India a favourite filming destination.
”We have a strong intellectual property regime, and the digital medium now complements the other more established modes of consumption and dissemination such as theatres and movies. This has brought about a democratisation of consumer choice like never before, and our government is intent on preserving this via support to the creative industries,” Thakur said.
He said Indian cinema was undergoing a paradigm shift with the streaming revolution taking the country by storm.
”The popularity of digital/ OTT platforms has changed how films are created, distributed, and consumed. Consumers of global and Indian cinema have more choices than ever before,” Thakur said.
The minister also released the official poster of 53rd edition of the International Film Festival of India.