Cabinet approves norms to boost construction
Synopsis
In a bid to lift the construction sector, the government on Wednesday approved new norms that will help in quicker resolution of disputes to kick-start stalled projects and make access to financing easier, said a report in The Indian Express.
Briefing reporters after a meeting of the cabinet, presided over by Prime Minister Narendra Modi and Finance Minister Arun Jaitley said it was important to quickly address the issues related to the construction sector, which contributes 8% to the country’s gross domestic product (GDP).
Among the measures approved are: Circulation of a model draft for turnkey projects; release of 75% of money earmarked for infrastructure companies towards completion of existing projects; and coverage of disputes between companies and civic bodies under a new arbitration law.