Infrastructure Post Budget Analysis1

8/6/2019 Infrastructure Post Budget Analysis1

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Infrastructure and RealEstate in India

Post Budget Analysis:Insight at a glance

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State of the Industry

As per the Economic Survey or 2010-11, while the

overall investment in inrastructure seemed to be on

target, the targets in some sectors were achieved.

During 2007-08 to 2009-10, capacity addition was

lower than the target in power, roads (NHDP), new

railway lines, and doubling o railway lines. The sub-

sectors where achievements have been above or closeto target are telecommunications, villages electried

under the Rajiv Gandhi Grameen Vidyutikaran Yojana,

railway lines electrication, railway gauge conversion,

and new and renewal o roads construction under

the Pradhan Mantri Gram Sadak Yojana. There has

been a steady decline in the time and cost overruns o

Central-sector projects costing which can be attributed

to closer monitoring and system improvements by the

Ministries concerned.

A key initiative taken by the Government o India

during the past year pertained to setting up o the

National Transport Development Policy Committee

in February 2010. The committee has been set up to

assess transport requirements o India or the next

two decades and to recommend a comprehensive

and sustainable policy or meeting the requirements.

It is headed by Dr. Rakesh Mohan, and comprises

21 members, including Secretaries o Ministries like

Urban Development, Road Transport & Highways, Civil

Aviation, Ministry o Shipping, Financial Services, Coal,Power, Petroleum & Natural Gas and the Chairman

o the Railway Board, as well as representatives rom

the private sector. The committee will assess the

transport requirements o the economy or the next

two decades and recommend a comprehensive and

sustainable policy or meeting the transport require-

ments. It will also review the Public-Private-Partnership

approach in operation currently and suggest modica-

tions, i required.

The real estate sector witnessed signicant revival in

the last year. According to the data released by the

DIPP, housing and real estate sector including cineplex,

multiplex, integrated townships and commercial

complexes etc., attracted a cumulative FDI worth

$ 9,072 mn rom April 2000 to October 2010 andapprox. $ 716 mn during April-October 2010.

Key announcements / changes to policy

framework in Infrastructure Sector and impact

analysis

Budget allocations and plan or und mobilizations

or inrastructure sector

For Financial Year 2011-12, an allocation o over

`2,14,000 crore is proposed to be made or inra-

structure sector, which is 23.3 per cent higher than

allocation in FY 2010-11.

To enhance fow o unds to the inrastructure sector,

the FII limit or investment in corporate bonds,

with residual maturity o over ve years issued by

companies in inrastructure sector, is proposed to be

raised by $20 bn, resulting in an aggregate limit o

$40 bn. Since most o the inrastructure companies

are organised in the orm o SPVs (separate SPV or

each concession / license), it also proposed to permit

FIIs to invest in unlisted bonds o such SPVs with aminimum lock-in period o three years. However, FIIs

will be allowed to trade amongst themselves during

the lock-in period.

Budget 2011 proposes to allow tax ree bonds o

`30,000 crore to be issued by various Government

undertakings in the year 2011-12. This includes Indian

Railway Finance Corporation `10,000 crore, NHAI


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Inrastructure and Real Estate in India Post Budget Analysis: Insight at a glance | 3

`10,000 crore, Housing And Urban Development

Corporation Ltd `5,000 crore and Ports `5,000 crore.

Budget 2011 also proposes to create Special Vehicles

in the orm o notied inrastructure debt unds. The

proposed tax mechanisms have been claried in the

Finance Bill. However, appropriate ramework will

need to be introduced to implement the same.

Budget allocations and plan or und mobilizations

or aordable housing sector

To provide housing nance to targeted groups in rural

areas at competitive rates, Budget 2011 proposes to

enhance the provision under Rural Housing Fund to

`3,000 crore rom the existing `2,000 crore.

To stimulate growth in housing sector, it is proposed

to provide interest subvention o 1% on housing loans

up to `15 lakh where the cost o the house does not

exceed `25 lakh, rom the present limit o `10 lakh

and`20 lakh respectively.

The existing housing loan limit or dwelling units under

priority sector lending is proposed to be enhanced

rom `20 lakh to `25 lakh, to actor increase in prices

o residential properties in urban areas.

Inrastructure status to cold storage chains

Recognising the increased momentum in cold storage

sector and to attract investment, it is proposed tomake capital investment in the creation o modern

storage capacity eligible or viability gap unding

scheme o the Finance Ministry. It is also proposed to

recognize cold chains and post-harvest storage as an

inrastructure sub-sector.

Inrastructure Finance Company

In February 2010, RBI introduced a ourth category

o NBFC viz. IFC, predominantly to represent NBFCs

engaged in inrastructure nancing in view o the

critical role played by them in providing credit to the

inrastructure sector.

IFC is dened to mean an NBFC which deploys at least

75% o its total assets in inrastructure loans. An IFC

should have net owned und o `3 bn or more, anda minimum Tier I capital o 10% and capital reserve

adequacy ratio o 15%. Concentration limits or IFC

are relaxed to 10%/15% (o owned und) to any single

borrower/group o borrowers; 5%/10%, o aggregate

o loans and investments, to any single party/ group

o parties.

Amendments to NBFC Directions would enable IFCs

to provide a higher credit acility to borrowers in the

inrastructure sector. The relaxation takes into account

the need to und large capital requirements entailed in

development, operations and maintenance o an inra-

structure project. Above relaxation would encourage

banks to take exposures to IFCs as the banks would

be assured o minimum A grade quality at the time o

disbursal o unds.

Combined eect o above measures would lead to

additional unds being made available to projects in

inrastructure sector through non-banking channels.

Liberalization to avail ECB by IFCs

As per the ECB policy, NBFCs categorized as IFCs by

RBI were permitted to avail o ECB or on-lending to

inrastructure sector under approval route subject to

satisaction o prescribed conditions. In May 2010,

the ECB guidelines were modied to permit IFCs

to avail ECB up to 50% o their owned unds under

automatic route subject to compliance with the


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prudential guidelines; ECBs above 50% o their

owned unds will continue to be considered under

the approval route.

This amendment now enables an IFC to leverage

on interest rate dierentials by borrowing rom the

overseas markets at lower interest rates.

ECB or takeout fnance

In view o the peculiar unding needs o inrastruc-

ture sector, RBI introduced the take-out nancing

arrangement through ECB or renancing o rupee

loans availed rom the domestic banks. This

arrangement is permitted under approval route,

to the eligible borrowers only in the sea port and

airport, roads including bridges and power sectors

or the development o new projects, subject to

certain conditions.

This scheme has provided an option to substitute a

domestic unding with ECB ater commencement o

commercial operations. This would be encouraging

or overseas lenders as they are likely to be more

condent in lending to stabilized projects. This also

enables inrastructure projects to reduce their cost o

operations by renancing at more competitive rates.


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Specic policy amendments within key economic and social inrastructure asset classes

Sectors Announcement/ changes in policy framework

Road &

Highways

AmendmentsintheNationalHighwaysFee(DeterminationofRatesandCollection)Rules,2008via

amendments dated December 3, 2010 and January 12, 2011

- 3 axle vehicles separated rom Multi-Axle Vehicle (MAV) category and base toll rate has been reduced

rom `3.45/km to `2.40/km

- Bypasses treated as a separate category and do not orm part o structures (such as bridges andtunnels) in calculation o toll; the toll rate or bypasses is 1.5 times o the standard base toll rate on a

per passenger car unit (pcu)/km basis while it was earlier indexed to the estimated project cost (on Rs/

vehicle/trip basis).

The amendments have reduced the protability o Concessionaires as net revenue has decreased. Moreover,

this may lead to an increase in viability gap unding / grants provided by NHAI as projects will now require

more equity support. However, it needs to be noted that at the macro level, the amendments will benet

the transportation industry as there will be a reduction in operating costs.

RBIAnnualPolicyFY2010-11

- Classiy investments in non-SLR bonds issued by companies engaged in inrastructure activities and

having a minimum residual maturity o seven years under the held to maturity category- Treat annuities under build-operate-transer model in respect o road/highway projects and toll collec-

tion rights, where there are provisions to compensate the project sponsor i a certain level o trac is

not achieved, as tangible securities subject to the condition that banks right to receive annuities and

toll collection rights is legally enorceable and irrevocable.

- Inrastructure loan accounts classied as sub-standard will attract a provisioning o 15% instead o the

current prescription o 20%. To avail o this benet o lower provisioning, banks should have in place

an appropriate mechanism to escrow the cash fows and also have a clear and legal rst claim on such

cash fows.

It is expected that these proposals will reduce the overall cost o unding and create additional liquidity in

the market. There would be a reduction in interest rates, improvement in credit rating, leverage and loan

tenureCircularNo.4/2010dated18thMay2010oftheMinistryofFinanceThisCircularclariesthatwidening

o existing road by constructing additional lanes as a part o a highway project by an undertaking would

be regarded as a new inrastructure acility or the purpose o Section 80IA(4)(i) o the Income Tax Act.

However, simply relaying o an existing road would not be classiable as a new inrastructure acility or

this purpose. The circular has a positive impact on the Roads & Highways sector as it provides clarity on

the applicability o tax benets or road projects involving the addition o new lanes.


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Airport EstablishmentofCivilAviationEconomicAdvisoryCouncil-TheCouncilwassetupfollowingasurgein

airares o domestic airlines and aims to promote policies to enhance the sustainability o the aviation

industry in India in consultation with stakeholders. It has representatives rom scheduled airlines, airport

operators, and representatives o International Air Transport Association and industry associations.

CivilAviationRequirementsissuedbyDGCAforpassengerfacilitation-CARshavebeenissuedrelating

to compensation and acilities to the passengers in case o denied boarding, cancellations and delays,

strengthening computer reservation system/global distribution systems and use o cellular/mobile phones

ater the aircrat has landed and cleared active runway. The new Civil Aviation Authority is proposed to

have greater powers than DGCA. However, its ormation is still under discussion.

PlantosetupIndependentCivilAviationAuthorityannouncedtoreplacetheDGCA

Port LandPolicyforMajorPorts2010-NewLandPolicywasannouncedin2010whichallowsthemajorports

to leverage on the surplus land available. This policy opens up new opportunities or logistics players

wishing to setup logistics acilities in the vicinity o the port.

PolicyforpreventingmonopolyintheMajorPortsSector-Thepolicyforpreventingmonopolyhasadded

a little uncertainty in the bidding process which prevents a private terminal/berth operator in a port or a

specic cargo or his associates rom bidding or the next terminal/berth or handling the same cargo in

the same port. Projects in JNPT (like 4th Container terminal and the 330 m berth extension or containers)have not been awarded as the existing container terminal operators, who were among the prospective

bidders and were later not allowed to bid because o this new policy, have approached court on the issue.

DraftMajorPortsRegulatoryAuthorityAct-ThedraftMPRAActproposestoreplaceTariffAuthorityfor

major ports by MPRA thereby providing more reedom to Major ports in setting taris. This is seen as the

rst step in ensuring level playing eld or all ports, major & non-major

DraftIndianPorts(Consolidated)Bill2010-Further,theIndianPorts(Consolidated)Bill2010seeksto

replace and merge the Indian Ports Act 1908 and Major Port Trust Act 1963. The new bill proposes a

single regulatory authority to be setup or all ports in India (major & non-major).


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Railway RailwaysInfrastructureforIndustryInitiative(R3i)-TheR3ipolicyistargetedtoattractprivatesector

participation in rail connectivity projects through laying o new lines. Four dierent models are allowed in

this policy all o which essentially provide incentives to the private sector or laying down new lines.

RailConnectivitytoCoalandIronOreminesPolicy(R2ci)-R2cipolicyisintendedtofacilitateandprovide

incentives to customers to invest in rail connectivity or coal and iron ore blocks. This policy complements

the R3i policy, which excludes coal blocks and iron ore mines.

PrivateFreightTerminalpolicy-Thispolicyallowstheprivatesectortosetupterminalsforhandlingbothcontainer and goods on a revenue sharing basis with the railways.

SpecialFreightTrainOperatorpolicy-Thispolicywillallowprivatesectortomovetheirownrakesfor

trac other than containers. A complementary policy on development o automobile and ancillary hubs

has also been announced.

There is still a lot o skepticism amongst the private sector players about how these new policies will be

implemented. Thereore the uptake o projects under these policy initiatives has been slow. However, these

policies do show an increasing desire in the railway sector to engage with the private sector in a bigger way

or generating more investments.


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Healthcare

& Education

Privatermsallowedtosetupmedicalcolleges-InMarch2010,Governmentenabledprivate-sector

healthcare companies to start medical colleges to ease the shortage o medical seats. Currently there are

only 30,000 graduate medical seats and 13,500 post graduate seats resulting in brain drain to oreign

countries or higher education. India needs about 800,000 doctors in the next ten years. The Medical

Council o India has also relaxed the land requirement norms or companies planning to set up medical

colleges in large cities. Large private players such as Fortis, Max and Apollo Hospitals have announced

likely investments over the next ew years to set up medical colleges across India. This would include seats

or nursing and allied health courses as well.

Regulationofmedicaleducation-Withanobjectiveofjointplanninginhighereducation,thegovern-

ment is reviewing the possibility o regulating medical education under the National Commission or

Higher Education and Research with support rom an advisory council set up within the Commission,

to set the academic norms or medical education. Medical Council o India would probably continue to

issueprofessionallicensesandaccreditinstitutions.Whilethenaldecisionisawaited,aregulatorybody

or medical education will help streamline and monitor medical education which is now open to private

sector players as well.

ForeignEducationBillInMarch2010,thecentralgovernmenthasgivenitsnodtoForeign

Educational Institutions Regulation o Entry and Operations, (Maintenance o Quality and Preventiono Commercialization) Bill 2010. It would require passage by both houses o Parliament prior to being

instituted as law. The Bill seeks to regulate entry, operation and restriction o oreign universities in India.

I implemented, one can expect higher education o international standards being imparted onshore at

more eective costs.

Re-promulgationoftheForeignContribution(Regulation)Bill,2010toreplacetheexistingAct-TheBill

was passed by both the Houses o Parliament and has to receive the consent o the President o India. As

per the amendments proposed persons accepting oreign contributions would be subject to a higher level

o scrutiny and compliance in terms o seeking prior approval, registration, renewal o the registration,

utilisation o the unds only or the specied purposes, restriction on administrative expenses and transer

o the oreign contribution to other persons with an stated o objective o monitoring and utilisation o

such contributions received by specied persons. Education institutions, generally set up as a trust in

India, would need to comply with the aoresaid regulations, i it proposes to receive oreign contributions

under the new regime.


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rom 1 June 2011.

In order or this initiative to be made eective,

the Government should now complement the

above with appropriate amendments in the regu-

latory ramework o SEBI, RBI and FDI guidelines.

Extension o sunset or power sectorDeduction under section 80IA or undertakings

operating in the power sector has been extended

by one year to 1 April 2012. Power has seen

heightened investment activity in the recent

past and this proposal is in line with the industry

expectation or the sector.

Tax deduction to power undertakings

commencing operations in Financial Year 2011-12

would now be grandathered under the DTC.

Investment linked deduction in respect o

capital expenditure on housing projects

The Finance Bill, 2011 proposes to introduce

investment linked deduction or capital expendi-

ture incurred or developing an aordable

housing project under a scheme ramed by the

Central/State Government and notied by CBDT.

This provision is proposed to be eective rom

Financial Year 2011-12.

The above proposal may not have signicant

impact on developers o housing projects as the

residential units are normally treated as stock-in-

trade and thereore, the construction expenditure

is normally treated as revenue expenditure.

Applicability o DDT and MAT provisions or

SEZ developers

The Finance Bill, 2011 proposes to subject SEZ

developers to MAT and DDT provisions.

The provisions in relation to DDT are proposed

to take eect rom 1 June 2011 while the MAT

provisions would take eect rom 1 April 2012.

The above proposal refects the Governmentsintent to rationalize tax benets to SEZ developers

by bringing the current Income Tax Act in sync

with the proposals in Direct Taxes Code. The

proposal will have the eect o increasing the tax

base or the Government. However it will reduce

the overall project returns or SEZ developers.

Removal o anomaly in set o losses o hotels

and hospitals

Currently, new hotels (2 star and above) and new

hospitals (with minimum 100 beds) (Specied

Business) are eligible or investment linked

deduction or capital expenditure incurred.

Further, set o o losses o the Specied

Business is permitted only against prots o

another Specied Business. Owing to the deni-

tion o Specied Business, which states that the

business should be new, there were ambiguities

on set o o losses o such businesses.

To clariy the ambiguities, the denition oSpecied Business is positively amended by

removing the condition requiring such hotels and

hospitals to be new. This amendment will apply

retrospectively rom Financial Year 2010-11.

Extension o time limits or Inrastructure Bonds

The Finance Bill, 2011 proposes to extend the


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time limit or deduction in respect o long term

inrastructure bonds by one year to 31 March

2012.

This will provide additional time to the

Government to mobilize retail unds or inra-

structure projects.

MAT rate

The Finance Bill, 2011 proposes to increase

the MAT rate rom existing 18% to 18.5%.

However, ater considering the proposed

reduction in surcharge rom 7.5% to 5%, there

is no substantial change in the eective MAT

rate.

Submission o statement by Liaison Ofces

The Finance Bill, 2011 proposes to introduce

a requirement or Liaison Oces set up in

India whereby every non-resident having a

Liaison Oce in India and set up in accordance

with RBI guidelines, shall prepare and submit

a statement o its activities in such orm as

may be prescribed, every nancial year to the

Assessing Ocer.

This would be an additional compliance orliaison oce set up by overseas inrastructure

companies / contractors or suppliers in inra-

structure sector to carry out project manage-

ment activities.

The time limit or submitting such statement

would be within sixty days o end o the

nancial year

The above provisions are proposed to take

eect rom 1 June 2011.


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Indirect Tax Proposals

Customs duty

It is proposed to provide ull exemption rom basic customs duty (subject to conditions) to bio-asphalt

and specied machinery or use in the construction o roads under contract rom specied authorities.

This will have a positive impact on roads sector by helping in cost reduction.

Excise duty

Cementisproposedtobesubjecttomixedratesofexcisedutyi.e.advaloremaswellasspecicrates with some reduction which is likely to result in lower prices. For the purpose o the ad valorem

component, the value will be the transaction value and not retail sale price. The details o the

changes are as under:

S.No. Description of Goods Earlier Rate Revised Rate

1. Packagedcementmanufacturedinamini-cementplant

(i) O retail sale price not exceeding `190 per 50

kg bag or o per tonne RSP not exceeding `3800

`185 PMT 10% ad

valorem

(ii) O retail sale price exceeding `190 per 50 kg

bag or o per tonne RSP not exceeding `3800

`315 PMT 10% ad

valorem +`30PMT

2. Packagedcementmanufacturedinaplantotherthanamini-cementplant

(i) O retail sale price not exceeding `190 per 50

kg bag or o per tonne RSP not exceeding `3800

`290 PMT 10% ad

valorem +`80

PMT

(ii) O retail sale price exceeding `190 per 50 kg

bag or o per tonne RSP not exceeding `3800

price

10% o retail sale 10% ad

valorem +`160

PMT

3. Cement Clinker `375 per metric

tonne

10%+`200

per metric

tonne

The above proposals and revised rates are likely to reduce cement prices and boost construction

industry.


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Excisedutyexemptionforgoodssuppliedto

mega / ultra-mega power projects have been

aligned with project imports with description

o goods as appearing under Project Imports.

Prior to this budget, such goods were exempt

rom excise duty only i these were exempt

rom customs duty at the time o their

import. Exemption has also been extendedto power cables, ash disposal systems and

coal transportation systems. Full exemption

rom excise duty has also been extended to

specic goods supplied to expansion projects

o existing mega power projects subject to

certain conditions. This will reduce the input

costs o such projects.

Fullexemptionfromexcisedutyhasbeen

extended to air-conditioning equipment,

panels and rerigeration panels or installation

o a cold storage, cold room or rerigerated

vehicle or preservation, storage or transport

o agricultural produce and apiary, horticul-

tural, dairy, poultry, aquatic & marine produce

and meat as well as processing thereo. This

measure will lead to urther reduction o tax

cost o installing cold-chain inrastructure or

preservation o perishable commodities.

Service tax

Workscontractcompositionschemeisproposed to be amended to restrict CENVAT

credit to 40% o the tax paid on input

services relating to erection, commissioning &

installation, commercial or industrial construc-

tion and construction o residential complex,

i tax has been paid on ull value o the

service ater availing CENVAT credit on inputs.

This would invariably result in higher cost o

construction as a result o lower availment o

credit.

Fullexemptionfromservicetaxisproposed

to works contract services when provided or

the purpose o carrying out (a) construction

o new residential complex or part thereo; or(b) completion and nishing services o new

residential complex or part thereo, under

Jawaharlal Nehru National Urban Renewal

Mission and Rajiv Awaas Yojana.

Workscontractservicerenderedwholly

within a port or airport has also been ully

exempted rom service tax. This measure is

indicative o the intention o the Government

to reduce the indirect tax cost o setting up

and maintaining inrastructure projects.

Theservicetaxnethasbeenexpandedto

cover -

- all unrecognised courses under the

Taxable Service o Commercial training or

coaching centre; and

- Diagnostic services provided by (a) a

centrally air-conditioned clinic with more

than 25 beds (b) services provided with the

aid o a laboratory or medical equipment

and (c) services o a doctor (not an

employee) rom the premises o a clinicalestablishment.

The above proposals will increase the cost o

socially critical inrastructure o education and

healthcare services.


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Way forward

As expected, there havent been any signicant

amendments or the real estate sector, except on

the aordable housing ront, which have been

provided with some incentives. However, there

is no clarity rom the Government on the levy

o value added tax / service tax on purchase o

property.

Budget 2011 has continued to place importance

on the criticality o inrastructure or Indias

development. The tax and other plan proposals

usher in with variety o measures like enhancing

fow o unds to the sector by introduction o

inrastructure debt und coupled with a tax

riendly treatment, increase in FII limit o invest-

ment in inrastructure sector, increasing time limit

or investment in inrastructure bond, noteworthy

budget allocations, etc. These refect the thrust

placed by the Government on the inrastructure

sector. It is evident that government is looking at

private investments to boost the sector as well as

public-private partnership or quality and timely

completion o projects. Overall, the tax and policy

landscape or inrastructure sector in India or the

coming year 2011-2012 is expressly optimistic.

Glossary

Abbreviation Long Form

$ United States Dollar

AAI Airport Authority o India

Bn Billion

CARs Civil Aviation Rules

CENVAT Central Value Added TaxCBDT Central Board o Direct Taxes

DDT Dividend Distribution Tax

DGCA Directorate General o Civil Aviation

DIPP Department o Industrial Policy and

Promotion

DTC Direct Taxes Code, 2010

ECB External Commercial Borrowing

FDI Foreign Direct Investment

FII Foreign Institutional InvestorsIFC Inrastructure Finance Company

Income Tax Act Indian Income-tax Act, 1961

km Kilometers

MAT Minimum Alternate Tax

mn Million

MPRA Major Ports Regulatory Authorities

NBFC Non Banking Financial Company

NHAI National Highway Authority o India

NHDP National Highway Development ProgramRBI Reserve Bank o India

RVNL Rail Vikas Nigam Limited

SEZ Special Economic Zone

SPV Special Purpose Vehile

PMT Per Metric Ton

RSP Retail Sale Price


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Documents

Infrastructure Post Budget Analysis1