India to promote Film Industry

With bank financing now accessible to the entertainment industry and 100 percent foreign direct investment allowed in the film sector, the Indian government said Tuesday that much of this was due to its initiatives to promote Bollywood and the rest of the country’s film industry.

‘Through our vigorous efforts, we have been able to reduce the level of entertainment tax. We have simplified procedures and reduced the time required for granting permission to shoot foreign feature films in India,’ Information and Broadcasting Minister Priya Ranjan Dasmunsi said in the Lok Sabha.
The government has encouraged participation in global events like the Cannes Film Market, the American Film Market, and the Berlin Film Market among others to enhance Bollywood’s visibility, he said in a written statement.

Film weeks and festivals are being conducted in various countries while the government had also signed an audio-visual co-production agreement with Britain and Italy, the minister stated.

Similar proposals from other countries were being explored to expand avenues of finance and markets for the Indian film industry.

And to ensure the smooth functioning of the entertainment industry, a Committee for Development of Entertainment Sector was set up to suggest a policy framework for the film industry, recommended reduction of entertainment tax, suggest steps to counter piracy, and to facilitate shooting of foreign films, Dasmunsi said.
Apart from this, the state-owned National Film Development Corporation had been providing limited funding for films.