New Delhi, Aug 11 : In order to encourage co-production of films in the country, the Union Cabinet has approved signing of the ‘Audio Visual Co-Production Traity that is signed between India and Australia.The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of an “Audio Visual Co-Production Agreement”.
Audio Visual co-production agreements enable documents that allow the co-production of films by two nations.These agreements are referred to as Umbrella Agreements that permit government, private, or quasi-government agencies sign contracts to create films together.
India has, as of now signed 15 Audio Visual Co-production Treaties with other countries.Australia has been recognized as a popular location to shoot Indian films.
India is fast becoming an important hub for content for filmmakers who are looking for new projects.India is awash with of diverse locations, a large talent pool, and comparatively lower cost of post production and production which makes India an ideal destination of foreign filmmakers.
According to the treaty on co-production the contribution of the producers of the two countries could differ from 20 percent to 80 percent of the value of co-production.
The agreement proposed will strengthen relations with Australia and will which will lead to exchange of arts and culture, highlight the richness of our nation and result in the creation of employment opportunities for technical, artistic and non-technical workers working in audiovisual co-production, including post production and production work.
Utilization of India locations will increase the possibilities of India being a popular Film Shooting destination and will result in an increase of foreign exchange into the country.
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