India will increase the incentive for foreign film production in the country to 40 % of the expenses incurred with an increased cap limit of Rs.30 crore (exceeding 3.5 million US Dollars) and an additional 5% percent bonus for Significant Indian Content (SIC).
This was said by Union Minister Anurag Thakur. in his inaugural address at the 54th International Film Festival of India at Panaji, Goa today.
Thakur said that there was a need for a higher incentive to attract medium and big budget international projects to the country considering India’s size and vast potential.
“This paradigm shift in incentivizing film production serves as a testament to India’s commitment and support for artistic expression and reinforces our position as a preferred destination for cinematic endeavors”, he added.
The Minister also announced a recruitment drive for the young minds who were selected in the '75 Creative Minds of Tomorrow,' opening up doors to limitless opportunities for their blossoming talents and career trajectories.
The '75 Creative Minds of Tomorrow,' now in its 3rd edition, was born in 2021 from the Prime Minister's vision to provide the youth with a platform to showcase their creative expression through the medium of cinema.
“This year, out of nearly 600 entries across 10 categories, 75 young filmmakers have been handpicked from 19 states, including remote areas like Bishnupur, Jagatsinghpur, and Sadarpur”, the Minister added.
The Minister also announced a new category of awards - Best Web Series (OTT) Category - being introduced in this edition of IFFI.
Highlighting the new components in the festival, Anurag Thakur said that IFFI will acknowledge and honour the transformative role of original content creators in India, celebrating their contributions to employment and innovation.
IFFI has augmented the scope of Film Bazaar by introducing a well-curated ‘VFX & Tech Pavilion’ to showcase the latest innovations from the cinema world, and a documentary section to its co-production market to support non-fiction storytelling.”
This year’s IFFI will feature films from 40 remarkable women filmmakers. “Their talent, creativity and unique perspectives promise to make the festival a celebration of diverse voices and narratives”, Thakur informed highlighted.
IFFI is upholding 'Sabka Manoranjan' i.e ‘Entertainment for all’ by making inclusivity a guiding principle.
“All venues for this year's festival will be equipped with facilities catering to the differently abled. There will be four additional special screenings for visually and hearing impaired delegates with embedded audio descriptions and sign language provisions”, he added.
Underlining the significant role of Cinema as a uniting force, Thakur said, “I strongly believe that, throughout its history, Cinema has captured and chiseled ideas, imagination and innovation such that it forms the driving force for peace, progress and prosperity in a world which is increasingly distressed with division.”
The Minister also touched upon several measures taken by Government of India in the recent past to augment the Media & Entertainment Sector in India.
Anurag Singh Thakur congratulated Hollywood Actor/Producer Michael Douglas for having been conferred with the prestigious Satyajit Ray Lifetime Achievement Award for 2023.
He also extended heartfelt gratitude to the esteemed Jury of the International Competition, the Indian Panorama, the Best Web Series (OTT), and the 75 Creative Minds of Tomorrow.
Concluding his remarks, the Minister said that his vision for IFFI is not limited to one event, but what IFFI should be when India celebrates its 100th year of Independence once we transition from Amrit Mahotsav to Amrit Kaal. PIB IFFI Team