New Delhi: India Mulls Boosting Incentives for International Film Productions
The Indian government is considering enhancing the incentives offered to international production houses in order to attract more film projects to the country. Additionally, one-off perks may be granted for high-budget films. Last year, the government introduced an Incentive Scheme for Audio Visual Co-production, allowing Indian co-producers to claim a cash reimbursement of up to 30% on qualifying expenditure in India, with a maximum limit of Rs 2 crore.
Apurva Chandra, Secretary of Information and Broadcasting, announced today that the government is now exploring the possibility of increasing the incentives provided. This decision comes as the government recognizes that other countries are offering more lucrative perks for filming. Chandra stated, “We will disclose further details regarding the increase in incentives soon, as the proposal is currently being discussed within the government.” He also mentioned that the government received six to seven applications from producers seeking to shoot in India under the incentive schemes. However, he expressed disappointment that these initiatives were not widely known in the animation and visual effects industry.
Chandra revealed that the government is also contemplating hosting a separate international animation film festival in the near future. As an initial effort to promote the animation sector, a dedicated segment will be introduced at the International Film Festival of India in Goa. Chandra emphasized that animation, visual effects, gaming, and comics (AVGC) form 20% of the country’s media and entertainment sector and are experiencing rapid growth.
Notably, film production markets like the US, Canada, and the UK offer various national and regional programs to attract production. Emerging markets in the Middle East and Africa, including the United Arab Emirates, Jordan, Morocco, and South Africa, have also begun implementing production incentives to stimulate local content development, given the nascent state of their markets.
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Basant Kasayap is an entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to Bollywood to regional cinema, she offers readers an insider’s perspective on the world of movies, music, and pop culture.
