The Ministry of Information and Broadcasting has decided to introduce incentive schemes for international productions to be shot in India and official co-productions with foreign countries.
The Ministry of Information and Broadcasting has decided to introduce incentive schemes for international productions to be shot in India and official co-productions with foreign countries.
Union Information and Broadcasting Minister Anurag Thakur on Thursday said that India will be one of the leading quality content producing countries across the world in the field of media and entertainment.
“Today the worldwide recognition of our cinematic excellence is poised to reveal the country as the ‘Content Hub’ of the world”Anurag ThakurUnion Minister of Information and Broadcasting
Addressing the India Forum at the Palais des Festivals in Cannes, the Minister said that over the years, the “Festival de Cannes” has played an important role in strengthening Indo-French relations. “Today, the recognition of our cinematic excellence across the globe is set to showcase the country as the ‘content hub’ of the world,” he added.
Variety of Cinematic Excellence
Speaking on India’s current presence at Cannes, the Minister said: “India would like to give you a global audience, a taste of the country’s cinematic excellence, technological prowess, rich culture and illustrious heritage of storytelling. India’s red carpet presence has not only helped Captured the diversity of our cinematic excellence in terms of representation of actors and filmmakers from different languages and regions, but also on the OTT platform, with a strong presence of music composers and a folk artiste who enthralled the audience both young and old. Gave up. And old.”
He said that during the events, Indian start-ups from the media and entertainment sector will present the best from the world of Animation, Visual Effects, Gaming and Comic (AVGC) along with a strong delegation of animation professionals from the region.
Over the past eight years, the central government had envisioned major initiatives to promote co-production, film shooting and film facilities in the country, while states such as Uttar Pradesh and Madhya Pradesh formulated their own film facilitation policies. Mr Thakur said those efforts were expected to expand India’s media and entertainment ecosystem, generating $53 billion annually by 2025.
The Ministry of Information and Broadcasting has decided to introduce incentive schemes for international productions to be shot in India and official co-productions with foreign countries.
Under the Audio-Visual Co-Production Scheme, for eligible projects, Indian co-producers can claim cash reimbursement of up to 30% payable on qualifying expenses in India, subject to a maximum of ₹2 crore. The reimbursement will be divided among the producers according to their respective share of the financial contribution.
The project must have a “co-production” status granted by the Ministry and the participating countries/s under one of India’s Official Bi-lateral Co-Production Treaties on Audio-Visual Co-production. Projects with co-generation status granted after April 1, 2022 are eligible for incentives.
foreign movies in india
The same incentive would be applicable for shooting foreign films in India. An additional 5% bonus up to a maximum of ₹50 lakh can be claimed for employing 15% or more manpower in the country. International submissions with shooting permission from the Ministry and the Ministry of External Affairs (for documentaries only) after April 1, 2022 will be eligible.
The incentives to be awarded on the recommendation of a Special Evaluation Committee will be distributed in two phases. Final disbursement can be claimed after project completion in India. Incentive can be claimed under only one scheme.