With a significant presence at the 48th edition of the Toronto International Film Festival or TIFF, India is being promoted as a destination for international cinema, with the Government looking at enhancing incentives to attract filmmakers to the country.
The objective is to make India a magnet for international productions, which also has the benefit of promoting tourism to the country. “Like what Lord of the Rings did for New Zealand, we want a marquee project to do the same for India, “ National Film Development Corporation or NFDC MD Prithul Kumar said at the India pavilion at TIFF’s Industry Center in downtown Toronto.
In attempting to draw such a high-profile, big budget productions to India, the incentive being offered to foreign filmmakers will be increased from the maximum of ₹2.5 crore that it is currently capped at, he said. The new ceiling will be announced this year, he said, without specifying the amount. But the increase will be meaningful, he said.
The Ministry of Information and Broadcasting currently offers a reimbursement of 30% of the qualifying production expenditure incurred in India for foreign films, including animation and post-production, which is capped at ₹2 crore. Another five per cent, capped at ₹50 lakh, is provided as a bonus for employing 15% or more Indian talent or workforce. That is the amount that is expected to be enhanced.
{{/usCountry}}The Ministry of Information and Broadcasting currently offers a reimbursement of 30% of the qualifying production expenditure incurred in India for foreign films, including animation and post-production, which is capped at ₹2 crore. Another five per cent, capped at ₹50 lakh, is provided as a bonus for employing 15% or more Indian talent or workforce. That is the amount that is expected to be enhanced.
{{/usCountry}}Kumar, also the Joint Secretary, Films, in the Ministry of Information and Broadcasting, said the downstream effect of successful productions in India has been estimated at six times the monetary investment, particularly with regard to tourism. Citing the surge in traffic to Tamil Nadu after The Elephant Whisperers captured an Academy Award in the Documentary Short Subject category this year.
The process will also be simplified with a new portal that facilitate applications for clearances and incentives.
An India Film Guide, released at TIFF, made the objective clear: “With these incentives in place, India is setting its sights on becoming a global hub for film production.”