IFFI 2023: Anurag Thakur Announces New Film Policy In Goa; Information and Broadcasting Minister Talks About Boosting Incentives
Anurag Thakur also highlighted the impressive annual growth rate of 20% in India’s media and entertainment industry, positioning the country among the world’s top five markets
The 54th edition of the International Film Festival of India (IFFI) kicked off on November 20, 2023, at the Shyama Prasad Mookerjee Stadium in Goa and it will go on for the next nine days. Nevertheless, the event will witness several new developments around the entertainment world.
Now, as per the latest reports, the Union Minister of Information and Broadcasting, Anurag Thakur, has shared that the government is gearing up to reveal a new filmmaking policy; the political leader also expressed his confidence in the policy by saying that it would rank among one of the best film policies in the world and would thus emphasize the global appeal of IFFI.
Addressing the significant interest in the festival, he also noted the meteoric rise in applications, reaching over 2,000, nearly three times more than the previous year. He attributed this surge to the festival’s international recognition and highlighted the growing post-production work in India, particularly in areas like VFX, audio, visuals, gaming, comics, and animation.
During his address, Anurag Thakur also highlighted the impressive annual growth rate of 20% in India’s media and entertainment industry, positioning the country among the world’s top five markets. He emphasized the substantial role of the film market, not only in Southeast Asia but globally.
As per the reports, Incentives Scheme for the Production of Foreign Films, that was initially introduced last year in Cannes, offered a reimbursement of upto 30% of
The initially introduced last year in Cannes, offered a reimbursement of up to 30% of production expenses, capped at Rs. 2.5 Crore. In a noteworthy development, Thakur announced a significant boost in incentives for foreign film production, increasing from 30% to 40%.
Now, the enhanced incentive now covers 40% of incurred expenses, with a raised cap of Rs. 30 crore (over 3.5 million US Dollars). An additional 5% bonus is introduced for projects featuring Significant Indian Content (SIC).
The landmark move aims to attract medium and big-budget international film projects to India, simplifying foreign film productions and promoting the ‘Ease of Doing Business in India.’
The new policy interventions align with broader goals of economic stimulation, job creation, and the promotion of tourism and culture. The initiatives are anticipated to benefit sunrise industries such as AVGC (Animation, Visual Effects, and Postproduction services), according to the Ministry of Information & Broadcasting press release, reported India.com.
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