With a view to promote co-production of films, the Union Cabinet has approved the signing of 'Audio Visual Co-Production Treaty' between India and Australia.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of an 'Audio Visual Co-Production Treaty'. Audio Visual co-production treaties are enabling documents which facilitate co-production of films between two countries. Such agreements are Umbrella Agreements under which private, quasi-government or governmental agencies enter into contracts to produce films together.
India has, so far, signed 15 Audio Visual Co-production Treaties with foreign countries. Australia has emerged as a preferred destination for shooting Indian films. India is fast emerging as a major content hub for filmmakers looking for new projects. India has an abundance of exotic locations, talent pool, relatively cheaper cost of production and post-production, making India a favoured destination of foreign filmmakers.
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 total cost of co-production work.
The proposed agreement will boost ties with Australia, lead to exchange of art and culture, showcase the soft power of our country and lead to generation of employment among artistic, technical as well as non-technical personnel engaged in audio visual co-production, including production and post production work.
Utilization of India locales increase the prospects of India as a preferred Film Shooting destination and will generate an inflow of foreign exchange into the country.