Cabinet gives nod to audio-visual co-production treaty with Australia

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.

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.