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India Increases Production Incentive From 30% To 40% With $3.6M Cap

India’s Ministry for Information and Broadcasting has announced an increase in the country’s production incentive from a 30% to 40% rebate on qualifying spend, with a cap of $3.6M (Rs300m). 

In addition, a 5% bonus will be granted for films featuring significant Indian content. In order to be eligible for the increased incentive, international productions must first receive shooting permission from the I&B Ministry (since April 1 this year). Documentaries must also receive clearance from the Ministry of External Affairs.

India’s I&B Minister Anurag Thakur announced the news at the opening ceremony of the International Film Festival of India (IFFI) in Goa.

Thakur said the changes were designed to attract more medium and large-budget international film projects to India, and also aligned with the government’s broader goal of ensuring ‘Ease of Doing Business in India’.

“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,” Thakur said. 

The incentive is being managed by the Film Facilitation Office (FFO) under India’s National Film Development Corporation (NFDC). Productions applying for the incentive will be assessed by a Special Incentive Evaluation Committee and the disbursement made in two stages – Interim and Final. The final disbursement claim can be made once the project is complete in India. 

India’s production incentive was first announced at the Cannes film festival in 2022. The  incentive’s cap was previously set at $3M (Rs250m), making it more suitable more smaller budget productions. 

IFFI held its opening ceremony on November 20 with the screening of opening film, Catching Dust directed by Stuart Gatt, and runs until November 28. 

Also Read More: World News | Entertainment News | Celeb News
Source: DLine

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