Incentive limit on foreign film production hiked to Rs 30 crore
A foreign film or co-production with India will now be up to 40% of the expenditure incurred with a maximum limit of Rs 30 crore.
PANAJI: Union I&B Minister Anurag Singh Thakur on Tuesday announced an increase in incentive being given to foreign film production in order to attract movie-makers from across the globe to shoot films in India.
A foreign film or co-production with India will now be up to 40% of the expenditure incurred with a maximum limit of Rs 30 crore. An additional 5% bonus will be given for “significant Indian content” “There was a need for a higher incentive to attract medium and big-budget international projects.
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,” said Thakur at the International Film Festival of India (IFFI) in Panaji.
In May, the Centre introduced the incentives scheme offering a reimbursement of up to 30 percent of the expenses incurred in India capped at Rs 2.5 crore.