'Shiraz' is a 1920s' film made by Indian pioneer Himanshu Rai as a co-production with the UK and Germany and tells the love story of Shah Jahan and Mumtaz Mahal.
It is currently being restored by the British Film Institute (BFI) for its UK premiere in October followed by the screening at the iconic monument in Agra towards the end of the year.
The year 2017 had been declared the UK-India Year of Culture during Prime Minister Narendra Modi's visit to Britain November 2015.
Its official launch took place last night with a gala reception hosted by Queen Elizabeth II in Buckingham Palace, which was lit up in peacock colours to mark the occasion.
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Finance minister Arun Jaitley, who represented the Indian government at the reception, was all praise for the "heavy calendar" of events lined up for the year.
A series of institutions in Britain and India will be collaborating throughout the year to present a host of screenings, travelling exhibitions, literary festivals, music and dance performances, and sporting events.
"Through the year of culture we will celebrate modern India and the long standing relationship between both countries, rooted in our flourishing people-to-people links.
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India@UK2017, organised by the Indian High Commission, the Indian Ministry of Culture, and Indian festival producer Teamwork Arts, in association with the UK's Globe Theatre, British Library, Young Vic, Birmingham Rep, Barbican Centre, Sadler's Wells, Tramway, Edinburgh Festival Theatre, and the Royal Festival Hall, will present five iconic strands in the UK to showcase the cultural diversity of India through the year.
In addition, India@UK2017 will be supporting several high profile events being held in the UK during the course of 2017, including the late Pandit Ravi Shankar's first opera 'Sukanya', the London Indian Film festival and Darbar Festival.
Indian High Commissioner to the UK Y K Sinhasaid: "The Year of Culture assumes special significance in light of the 70th Anniversary of India's independence.
Besides the BFI, some of the other UK institutions involved in the celebrations include the British Museum, Science Museum and British Library.
It is backed by the British Council and Arts Council England,whichhas invested more than 2.5 million pounds in collaborations between artists in England and India.
Darren Henley, Chief Executive of Arts Council England,said: "Our support for UK-India 2017 will help artists and arts organisations across the country develop partnerships in India and attract new audiences in the UK.