INFRASTRUCTURE STATUS TO CONVENTION

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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.