‘Infrastructure’ Status for exhibition and convention centres

‘Infrastructure’ Status for exhibition and convention centres

Part of: GS Prelims and GS – III – Economy; Infrastrcuture 

In news 

• The Finance Ministry has granted ‘Infrastructure’ status for exhibition and convention centres. 
• The move is expected to ease bank financing for such projects.

Key takeaways 

• ‘Exhibition-cum-Convention Centre is included in the Harmonised Master List of Infrastructure sub-sectors. 
• For this, new item is inserted in the category of Social and Commercial Infrastructure. 
• These benefits would only be available for projects with a minimum built-up floor area of 1,00,000 sq. m. of exclusive exhibition space or convention space or both combined.
• As of now, the major projects under way in the sector are: the International Exhibition-cum-Convention Centres at Dwarka and Pragati Maidan, New Delhi 
• The infrastructure tag does not involve significant tax breaks. 
• The tag would help such projects get easier financing from banks. 

Do you know? 

• Becoming a MICE (Meetings, Incentives, Conferences and Exhibitions) destination can generate significant revenue with several global firms active in India but it will take time to become a preferred destination.
• Last August, the government had granted infrastructure status to affordable rental housing projects.