I&B MINISTER INVITES FOREIGN INVESTMENT IN FILM INDUSTRY

I&B minister Pramod Mahajan says that the BJP-led government is framing up rules which will help attract foreign capital in the area of film production. "We welcome foreign funds in film making," he says.

He, however, adds that he doesn't expect this move to attract tremendous inflows of foreign capital. His opinion is that allowing foreign money will, however, help the Indian film industry to modernise and also in the export of films. His view is that the Indian film production business has to graduate from being driven by personalities; it needs to get itself a corporate structure with studios along the lines in the US.

"This is, however, taking time. We have recently given the business the status of an industry and allowed it to approach banks and financial institutions for funds," he says."

He adds that his ministry is working on bringing the film industry on a par with the information technology business as far as incentives and exemptions from government levies are concerned.