Information and Broadcasting minister, Anurag Thakur inaugurated the India Pavilion at Cannes Film Market ‘Marche du Film’ during his visit to the 75th Cannes Film Festival on Wednesday.
Thakur who led the Indian delegation to the annual film gala where India is the ‘Country of Honour’, announced two schemes to incentivize Foreign filmmakers who shoot in India or co-produce films with Indian partners.
Talking about the aspects of incentives he said, for official co-productions, international film production companies can claim a reimbursement of up to 30% (up to Rs. 2 crore) on qualifying expenditure in India. Foreign films that are shot in India will also be permitted to claim an additional 5% bonus of up to Rs. 50 lakh (USD 65,000) if they employ 15% or more manpower in India. The schemes will provide an impetus to global collaborations and attract foreign filmmakers to invest in India. Film projects that have been granted ‘co-production’ status by I&B ministry and the country signatory to the bilateral co-production treaties will be eligible for the incentives.
Making a pitch for India as the filming destination in the world, Thakur said Indian cinema is undergoing a paradigm shift with the streaming revolution taking the country by storm. Indian film industry produces almost 2000 films every year and is world’s largest film industry. He also highlighted that Government has embarked on a journey to restore Indian films and preserve them for future generation. It has started world’s largest film restoration project under the National Film Heritage Mission, where 2200 movies across Indian languages will be restored to their former glory.
