INFRASTRUCTURE STATUS TO CONVENTION
NEWS: finance ministry has granted the status of Infrastructure to exhibition and convention centres. It is now included in the Harmonised Master List of Infrastructure under a category of Social and Commercial Infrastructure.
Impact of the move
It will aid in bank financing for such projects.
It is applicable to projects with a minimum built-up floor area of 1,00,000 sq. m. like Dwarka and Pragati Maidan in Delhi.
It will not provide any tax benefit/ relief.
The impact of the move wilbe limited:
As it is only for large centres which are very limited in number in India.
Unlike Thailand which is global MICE destination ie. Meetings, Incentives, conferences and Exhibition destination, India is not a preferred destination.
Becoming a MICE destination will aid India in its growth journey.