India Boosts Film Industry with Increased Incentives for Foreign Filmmakers at IFFI 2023
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The 54th edition of the International Film Festival of India (IFFI) has kicked off with a grand celebration of cinema, drawing attention to the country’s growing influence on the global film stage. This year, IFFI received an impressive 2926 film submissions from 105 countries, marking a threefold increase in international interest compared to the previous year.
Delegates attending the festival can immerse themselves in a carefully curated selection of over 270 movies, including 13 world premieres, 18 international premieres, 62 Asian premieres, and 89 Indian premieres. The prestigious Golden Peacock Award will be contested by 15 feature films, and the Best Web Series (OTT) Award will see participation from 32 entries across 15 OTT platforms.
Union Minister for Information and Broadcasting, Anurag Thakur, took the stage at the opening ceremony to share exciting news for the Indian film industry. In a bid to position India as a premier global film destination, the government has increased the incentive for foreign film productions from 30% to 40%. The revised incentive includes a cap limit of Rs. 30 crore (approximately 3.5 million US Dollars) and an additional 5% bonus for projects with Significant Indian Content (SIC). Thakur emphasized that this move aims to attract medium and large-budget international film projects to India.
The Incentives Scheme for the Production of Foreign Films, introduced last year in Cannes, initially offered a reimbursement of up to 30% of production expenses, capped at Rs. 2.5 Crore. The enhanced incentive scheme will be applicable to international productions that have received shooting permission after April 1, 2022, from the Ministry of Information & Broadcasting and the Ministry of External Affairs (for documentaries).
The incentive will be disbursed in two stages, interim and final, with the final claim possible upon project completion in India. A Special Incentive Evaluation Committee will recommend incentives, and the Film Facilitation Office (FFO) under the National Film Development Corporation (NFDC) will oversee the execution of this scheme, acting as a single-window facilitation and clearance mechanism.
Anurag Thakur highlighted the significance of this paradigm shift, emphasizing India’s commitment to supporting artistic expression and reinforcing its position as a preferred cinematic destination. The minister also shared anecdotes about the impact of cinema on society, citing examples such as the film ‘A Trip to the Moon’ inspiring India’s Chandrayaan-3 mission.
The 54th IFFI is marked by various firsts, including a focus on 40 women filmmakers and the 75 Creative Minds initiative. Chief Minister of Goa, Dr. Pramod Sawant, welcomed delegates and expressed his government’s commitment to promoting a film, mentioning plans for an expanded film city in the state.
Superstar Madhuri Dixit received a Special Recognition for her contribution to Indian cinema, making history at the festival. The opening ceremony witnessed the presence of notable figures like Karan Johar, Vijay Sethupathy, Divya Dutta, and other Bollywood stars. The festival promises more star-studded moments with Hollywood and Indian film icons scheduled to grace the event.
