Infrastructure Status for Exhibition and Convention Centres

21 May 2021 Current Affairs:Exhibition and conference centres have been given ‘Infrastructure’ status by the Finance Ministry.  The move is expected to make it easier for banks to finance such projects.

Highlights: 
♦ The harmonised master list of infrastructure sub-sectors includes the ‘Exhibition-cum-Convention Centre.’ 
♦ A new item has been added to the category of Social and Commercial Infrastructure to reflect this.
♦ These advantages will be applicable only to projects with a minimum built-up floor area of 1,00,000 sq. m. of exclusive exhibition space, or conference space, or both coimbined.
♦ The main projects being carried out in this field so far are: International Exhibition and Conference Centers in Dwarka and Pragati Maidan in New Delhi.
♦ The infrastructure tag does not involve major tax deductions.
♦ The tag would make it easier for such projects to obtain bank funding.
 

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