"The monetary reward for the 'Golden Peacock' winner will henceforth be Rs 40 lakh, the equivalent of USD 100,000, up from Rs 10 lakh," said Uday Verma, Additional Secretary, Information and Broadcasting Ministry while speaking at the opening of the India Pavilion at the 61st Cannes Film Festival.

Besides, the prize money for the two 'Silver Peacock' winners will be raised to Rs 15 lakh each, up from Rs five lakh, he said at the Cannes Film Market.

With the increase in prize money beginning this year, IFFI, which has been hosted by Goa since 2004, will join the league of the major film festivals of the world, the senior official said.

"Berlin gives out a total prize money of 50,000 euros, Rotterdam 10,000 euros and Pusan USD 90,000. Our idea is to go one up on them," he said.

The top Indian official said Bollywood was making its presence felt "very strongly" in the Cannes Film Market. "Last year, there was a focus here on India. This year we have no such advantage. Yet I am confident that as far as market opportunities go, this edition of the Cannes Film Market will be just as exciting and fruitful," Verma said.

He also announced several other initiatives, including setting up of an academy of animation, gaming and visual effects to promote local talent in the fast growing segment of film-making. The government was also planning to open a Museum of Moving Images, he added.