The competition will challenge them to produce a short film on their idea of India@100, all in 53 hours.
Union Minister for Information & Broadcasting Anurag Singh Thakur launched the challenge.
The 75 youngsters have been chosen based on their excellence in different areas of filmmaking.
Anurag Thakur said the contest was born last year from the PM's vision to give the youth a platform to showcase their talent.
They have been selected after a rigorous process by an eminent jury.
The youngsters will also have a chance to witness the business of cinema, at the Film Bazaar.
These young future film professionals come from 19 states.