Union information & broadcasting minister Anurag Thakur announced on 18th May at the Cannes Film Festival that foreign film producers who shoot in India or co-produce films with Indian partners would be entitled to get incentives. He is leading a delegation to the 75th edition of the Festival. India is the Country of Honour at the Festival this year.
Thakur said, international film production companies can claim a reimbursement of upto 30% on qualifying expenditure for official co-productions, subject to a maximum of Rs. 2 crore. Foreign films shot in India can claim an additional 5% bonus (maximum Rs. 50 lakh) if they employ at least 15% manpower locally. This would apply to the companies of countries with which India has bilateral co-production treaties in place.
Anurag Thakur said, the government of India aimed to make India a favourite destination for filmmakers across the globe. He highlighted that India had begun the world’s largest film restoration project under the National Film Heritage Mission under which 2,200 old films across Indian languages would be digitally remastered. He also referred to the OTT boom in India.