‘Infrastructure’ Status For Convention Centres

• 21 May 2021

• The Finance Ministry has granted ‘Infrastructure’ status for exhibition and convention centres that is expected to ease bank financing for such projects.
• The benefits available as ‘infrastructure’ projects would only be available for projects with a minimum built-up floor area of 1,00,000 square metres of exclusive exhibition space or convention space or both combined. This includes primary facilities such as exhibition centres, convention halls, auditoriums, plenary halls, business centres, meeting halls etc.
• As of now, the major projects under way in the sector are backed by the government – the International Exhibition-cum-Convention Centres at Dwarka as well as Pragati Maidan in the capital.
• The infrastructure tag no longer involves significant tax breaks but would help such projects get easier financing from banks.
• Last August, the government had added affordable rental housing projects to the list of sectors recognised as infrastructure.