Infrastructure status | UPSC CURRENT AFFAIRS |
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Infrastructure status: Current Affairs
Context: The Finance Ministry has granted ‘Infrastructure’ status for exhibition and convention centers, a move that is expected to ease bank financing for such projects.
More about the News:
- Exhibition-cum-Convention Centre is included in the Harmonised Master List of Infrastructure sub-sectors by insertion of a new item in the category of Social and Commercial Infrastructure.
- However, the 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 underway in the sector are backed by the government – the International Exhibition-cum-Convention Centres at Dwarka and Pragati Maidan in the capital.
- The infrastructure tag does not involve significant tax breaks but would help such projects get easier financing from banks.
- Unlike Thailand, which is a big global MICE destination, India lacks large convention centers or single halls with capacities of 7,000 to 10,000 people.
- With many global companies operating in India, being a MICE (Meetings, Incentives, Conferences, and Exhibitions) destination will generate substantial revenue.
More about Infrastructure status
- The Ministry of Finance grants infrastructure status.
- For each category, such as multi-modal logistics park, cold chain facility, and warehousing facility, the minimum investment and area criteria for receiving the infrastructure tag have been established.
- Easy Credit – This makes it easier for businesses in these sectors to obtain long-term credit at lower rates from banks and other financial institutions.
Harmonized Master List of Infrastructure sub-sectors:
- The Ministry of Finance released the list, which included the following categories:
- Transport and communication: Roads and bridges, inland waterways, airports, and other modes of transportation and logistics
- Energy: Electricity generation, transmission, and distribution are all examples of energy.
- Sanitation: Strong Waste Management, Water Treatment Facilities, and Other Water and Sanitation Issues
- Social infrastructure: Education Institutions (capital stock), Sports Infrastructure, Hospitals (capital stock), Tourism Infrastructure, and so on are examples of social and commercial infrastructure.
- For the listed sub-sectors, inclusion on the list entails access to concessional funds, project promotion, and construction continuity.
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