India unveils enhanced incentives to lure foreign filmmakers

The Information & Broadcasting Ministry has decided to enhance incentives for production for foreign film in the country. This has been enhanced from 30 per cent of the reimbursement of expenses incurred in the country to 40 per cent with an increased cap limit of ₹30 crore. This announcement was made by Information & Broadcasting Minister Anurag Singh Thakur at the ongoing International Film Festival of India in Goa.

Foreign film producers will also be able to avail of an additional 5 per cent bonus for Significant Indian Content (SIC), he added.

“This step will give further impetus to India’s efforts to attract medium and big budget international film projects to the country. The announcement is also part of the efforts to streamline foreign film productions and to ensure ‘Ease of Doing Business in India,” an official statement added.

The Incentive Scheme for the Production of Foreign Films was announced by India last year in Cannes, offering a reimbursement of up to 30 per cent of the expenses incurred for film production in the country, capped at ₹2.5 crore.

“This paradigm shift in incentivising 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,” Thakur stated at IFFI.

International productions that have been granted shooting permission by the Ministry of Information & Broadcasting and Ministry of External Affairs (for documentaries only) after April 1, 2022 will be eligible for this incentive scheme.

“The Incentives will be disbursed in two stages i.e. interim and final. The final disbursement claim can be made once the project is complete in India,” the statement added. Incentives will be provided on the recommendation of a Special Incentive Evaluation Committee. Film Facilitation Office (FFO) set up under the National Film Development Corporation (NFDC) is executing this incentive scheme. The Hindu Business Line