IRDA to align definition of infrastructure with that of CCI

The insurance regulator would align its definition of infrastructure with that of the Cabinet Committee on Infrastructure (CCI) and notify it soon.

An official of the Insurance Regulatory and Development Authority (IRDA) told IANS this was being done as per the government wishes for harmonisation of definitions to spur infrastructure development.

Several agencies like the Reserve Bank of India (RBI), IRDA, the Securities and Exchange Board of India (SEBI), the Pension Fund Regulatory and Development Authority (PFRDA) and the Income Tax department have different definitions as to what constitutes infrastructure.

The central government in March this year had come out with a master list of categories of infrastructure and sub-sectors.

According to the Indian government, the five major categories of infrastructure are: transport (roads, bridges, inland waterways, ports, airport, railway); energy (power generation, distribution, transmission, oil and gas pipelines including storage terminals); water and sanitation (solid waste management, sewage treatment plants, storm water drainage systems, irrigation dams, channels and others); communication (telecom fixed networks and telecom towers); and social and commercial infrastructure (education, hospital, three or higher star hotels, cold chain, fertiliser, post harvest storage infrastructure and others).