GOVERNMENT INTENDS TO ALLOW  FOREIGN DIRECT INVESTMENT IN FILMS
 
    The Central Government intends to allow foreign direct investment in Films which have already been declared as an industry. The Union Minister for Information and Broadcasting Shri Pramod Mahajan said this while addressing at the inaugural function of 30th International Film Festival of India-1999 at here today. The Minister said that he would personally recommend the same fiscal benefits and encourgement to films that information technology sector is receiving today.

    Shri Mahajan further said that the film industry which has a tremendous potential puts a responsibility on the people to make it not only an entertaining medium but also an educative and motivating weapon to bring about social change. The Central Government have asked the banks to help the film industry since it had a bright future and he hoped that the film industry would have a great leap forward in the coming century.

    The chief guest Shri Dev Anand inaugurated the Festival by lighting the traditional lamp. Among other dignitaries the Chief Minister of Andhra Pradesh Shri Chandra Babu Naidu and the Minister of State for Information and Broadcasting Shri Mukhtar Abbas Naqvi were also present on the occasion. The inaugural function was marked with the screening of Shekar Kapoor's film "Elezabeth"..