"I have seen the plans and feel that the Film City project, on completion after five years, would be comparable to the world famous Hollywood studios," Aggarwal told PTI.
The Government has planned to execute this venture with the help of private sector and the work is expected to begin within a year, Aggarwal said.
The IMPPA President said the Government embarked on this project to promote the Film City located in suburban Goregaon, and also to stop filmmakers from going to foreign locations.
Some countries have started giving subsidies to Indian filmmakers. Fiji is offering subsidy to the tune of 45 per cent of the film's production cost, followed by Spain at 40 per cent and Mauritius at 35 per cent, he said. London also gives subsidy.
The trend is fast catching up in India. Uttar Pradesh Government offered subsidy of Rs one crore each to Hindi films 'Dedh Ishqiya' and 'Bullet Raja', both of which were shot in that state.
While Goa and Gujarat have already come out with 'one window clearance' to attract Bollywood filmmakers.
