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GoI to standardise infra definition

GoI to standardise infra definition

In order to bring about uniformity and target concessions to the right segments, the government will decide on the segments that will be classified under infrastructure sector.

Reserve Bank of India has the widest definition of infrastructure. While Insurance Regulatory and Development Authority (IRDA) follows a definition that is similar to that of RBI, Income tax department has a separate list of infrastructure industries under Section 80-IA (4) of the IT Act, that are eligible for tax concessions. The National Statistical Commission has defined infrastructure based on certain attributes, says a source from the Planning Commission.

A finance ministry official said that discussions were in an advanced stage and that the government hopes to finalise the new definition in a month or two. Finance Minister Pranab Mukherjee had announced a number of measures in the Union budget 2011-12 to spur investment in physical assets, now a clear priority for policymakers. The finance ministry will hold consultations with other ministries before freezing new rules for redefinition.

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