India will raise its incentive to foreign film makers in the hopes of drawing high-profile international productions.
At the India pavilion at TIFF’s Industry Center in downtown Toronto, National Film Development Corporation (NFDC) managing director Prithul Kumar told the Hindustan Times that the cap of inr 25million ($301k) will be raised to a currently unspecified limit, but 'the increase will be meaningful'.
"The process will also be simplified with a new portal that facilitate applications for clearances and incentives," they reported.
According to the India Film Guide: "With these incentives in place, India is setting its sights on becoming a global hub for film production."
Incentives for Shooting of Foreign Films in India is a 30% rebate with an additional 5% bonus up to a maximum of $61,000 (inr5m) available for projects that employ 15% or more manpower in India.
There is a per project cap of $244,000 (inr20m).
Application for interim approval is to be made by the applicant on behalf of the producer at least four weeks before start of production‐related activities in India. There is a minimum qualifying expenditure threshold of $305,000 (inr25m).