India News | Cabinet Gives Nod to Audio-visual Co-production Treaty with Australia
Get latest articles and stories on India at LatestLY. The Union Cabinet on Wednesday approved the signing of a pact with Australia that would allow private, quasi-government or government agencies to enter into contracts to produce films together.
New Delhi, Aug 10 (PTI) The Union Cabinet on Wednesday approved the signing of a pact with Australia that would allow private, quasi-government or government agencies to enter into contracts to produce films together.
The Audio Visual Co-Production Treaty between India and Australia will boost ties and lead to exchange of art and culture, generation of employment among artistic, technical as well as non-technical personnel engaged in audio-visual co-production including production and post-production work, and showcase India as a soft power, officials said.
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So far, India has signed 15 audio-visual co-production treaties with foreign countries.
Australia has emerged as a preferred destination for shooting Indian films, while India is fast emerging as a major content hub for filmmakers looking for new projects.
"India has abundance of exotic locations, talent pool, relatively cheaper cost of production and post-production, making it a favoured destination of foreign filmmakers," the officials said.
As per the co-production treaty, the respective contributions of the producers of the two countries may vary from 20 per cent to 80 per cent of the final cost of the co-production work, they said.
The utilisation of India's locales increases its prospects as a preferred film shooting destination and will help generate inflow of foreign exchange into the country, they said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)