Cannes: In a bid to woo foreign filmmakers, the Indian government has announced incentives of up to Rs 2.5 crore for co-production and hiring local manpower to make movies in the country.
Union Information & Broadcasting Minister Anurag Thakur made the announcement after inaugurating the India Pavilion at Cannes Film Market – ‘Marche du Film’ — in the presence of eminent film personalities like Deepika Padukone, AR Rahman, R Madhavan, Shekar Kapur and Prasoon Joshi.
The Indian co-producer of an international film project can claim cash reimbursement of up to 30% of qualifying expenditure in India or up to $2.6 lakh (Rs 2 crore), Thakur said in an official release.
Foreign filmmakers who shoot in India can claim an additional 5% bonus up to a maximum of $65,000 (Rs 50 lakh) for employing 15 per cent or more manpower locally, he announced.
To be eligible for these incentives, a project must have ‘co-production’ status from I & B Ministry and has to be from a country that is signatory to the bilateral co-production treaties.
Projects which have been granted permission after April 1 will be eligible to avail the benefits.
“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,” said Thakur, who released the official poster of 53rd International Film Festival of India.
