Under Union Minister for Information and Broadcasting Anurag Thakur’s visionary leadership, the Indian Film Sector is transforming fast to become a force to reckon with on the global stage
In the bustling coastal haven of Goa, the 54th International Film Festival of India (IFFI) on November 20 witnessed India increasing the incentive for foreign film production in the country to 40% of the expenses incurred with an increased cap limit of Rs.30 crore (exceeding 3.5 million US Dollars). Earlier, the per-project cap for the incentives was only Rs 2.5 crore. An additional 5% bonus for Significant Indian Content (SIC).
“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”, he said while announcing the revised incentives.
This one move is expected to catapult India into the realm of filmmaking on the global stage and promises to give it new wings so it can soar high.
The Indian film industry is on the cusp of transformation under the leadership of Union Minister for Information and Broadcasting, Youth Affairs & Sports, Anurag Singh Thakur. At the heart of this vibrant cinematic carnival lies the Film Bazaar, celebrating its 17th year as the beacon of convergence between creativity and commerce.
Inaugurating the Film Bazaar at the Marriott Resort in Goa, Minister Thakur hailed it as a haven for filmmakers, producers, and storytellers globally. He emphasized that the Indian media and entertainment industry, with its staggering 20% annual growth rate, stands tall as the fifth-largest and most globalized industry worldwide. This year’s Film Bazaar selection is an eclectic mix of diverse narratives—from fiction to documentaries, horror to animation—showcasing universal themes like diaspora, patriarchy, climate crisis, and nationalism.
Thakur unveiled a refreshing addition, the “Book to Box Office” segment, seamlessly adapting 59 literary works into cinematic masterpieces. This new facet, aligned with the Prime Minister’s call for ease of doing business, stands a testament to India’s embrace of innovation in storytelling.
The minister also spearheaded a pivotal shift by enhancing incentives for foreign film production, offering a lucrative 40% coverage of incurred expenses, with a heightened cap of Rs. 30 crores. This move aims to attract big-budget international projects, reaffirming India as a preferred cinematic destination.
Celebrating cinematic excellence, IFFI honored the legendary Madhuri Dixit with a ‘Special Recognition for Contribution to Bharatiya Cinema’ Award, acknowledging her unparalleled talent across four decades.
Thakur’s visionary initiatives extended to nurturing young talent, as he announced a recruitment drive for the ’75 Creative Minds of Tomorrow.’ This platform, rooted in the Prime Minister’s vision, champions budding filmmakers from remote corners of India, providing a gateway to their creative expressions.
Recognizing the transformative role of original content creators, the Minister unveiled the Best Web Series (OTT) Category, accentuating the festival’s evolution. Inclusivity remained a cornerstone, with IFFI showcasing films from 40 remarkable women filmmakers and ensuring accessibility for differently-abled delegates across all venues.
Moreover, Thakur highlighted legislative advancements, such as the Cinematograph (Amendment) Bill, 2023, broadening the legal framework to encompass copyright protection and combat piracy.
In his closing remarks, the Minister envisioned IFFI as a beacon of cultural exchange, echoing India’s journey as it approaches its 100th year of Independence. His aspirations for IFFI transcend a mere event, envisioning a legacy that continues through Amrit Kaal.
Under Anurag Thakur’s stewardship, IFFI emerges not just as a festival but as a catalyst propelling the Indian film sector into a realm of boundless creativity, global resonance, and inclusive storytelling—a testament to India’s vibrant cinematic spirit.