India on Wednesday rolled out the pink carpet for overseas filmmakers to make motion pictures within the nation by providing incentives as much as Rs 2.5 crore for co-production and hiring native manpower in such ventures.
Information & Broadcasting Minister Anurag Thakur made the announcement after inaugurating the India Pavilion at Cannes Film Market – ‘Marche du Film’ within the presence of personalities from showbiz together with Deepika Padukone, A R Rahman, R Madhavan, Shekar Kapur and Prasoon Joshi.
Under the motivation scheme, the Indian co-producer of a global movie mission can declare money reimbursement of as much as 30 % of qualifying expenditure in India or as much as 2.6 lakh {dollars} (Rs 2 crore), Thakur was quoted as saying in an official launch.
Foreign movies taking pictures in India can declare a further 5 % bonus as much as a most of 65,000 {dollars} (Rs 50 lakh) for using 15 % or extra manpower domestically, he mentioned.
The schemes will present an impetus to world collaborations with India, appeal to funding from overseas filmmakers and assist promote India as a filming vacation spot, Thakur mentioned.
A mission with ‘co-production’ standing from the Ministry of Information & Broadcasting and from a rustic that’s signatory to the bilateral co-production treaties can be eligible for the incentives.
International movie productions which have obtained permission for taking pictures can be eligible for availing the incentives for hiring native manpower.
Projects granted permissions after April 1, 2022 can be eligible for availing the advantages below the motivation scheme.
Thakur mentioned the federal government aimed to make India a favorite filming vacation spot.
“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 mentioned.
He mentioned Indian cinema was present process a paradigm shift with the streaming revolution taking the nation by storm.”The recognition of digital/ OTT platforms has modified how movies are created, distributed and consumed. Consumers of worldwide and Indian cinema have extra alternative than ever earlier than,” Thakur mentioned.
The minister additionally launched the official poster of 53rd version of International Film Festival of India.
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Source: www.financialexpress.com”