India To Hike Incentive For Foreign Film Production To 40%; Cap Limit To Go Over $3.5 Mn

Union Information and Broadcasting (I&B) Minister Anurag Thakur has said India will increase the incentive for foreign film production in the country to 40 per cent of the expenses incurred with an increased cap limit of Rs 30 crore (exceeding USD 3.5 million). 

Earlier, the per-project cap for the incentives was only Rs 2.5 crore. An additional five per cent bonus for significant Indian content (SIC), he said in his inaugural address at the 54th International Film Festival of India at Panaji, Goa. 

Thakur said that there was a need for a higher incentive to attract medium and big-budget international projects to the country considering India’s size and vast potential. 

“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 endeavours," he added.

Confirming India’s commitment to the cause of women's empowerment, the minister stated that this year’s IFFI will feature films from 40 remarkable women filmmakers. 

Their talent, creativity and unique perspectives promise to make the festival a celebration of diverse voices and narratives, he highlighted. 

Underlining the significant role of Cinema as a uniting force, Thakur said, “I strongly believe that, throughout its history, Cinema has captured and chiselled ideas, imagination and innovation such that it forms the driving force for peace, progress and prosperity in a world which is increasingly distressed with division.”