Cabinet approves new norms to push construction sector: Arun Jaitley

PM Modi and Arun Jaitley said it was important to quickly address the issues related to the construction sector, which contributes 8 per cent to the country's GDP.

Union Minister for Finance & Corporate Affairs Arun Jaitley. (PTI Photo by Shahbaz Khan)

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.

Briefing reporters after a meeting of the cabinet, presided over by Prime MinisterNarendra Modi, Finance Minister Arun Jaitley said it was important to quickly address the issues related to the construction sector, which contributes 8 per cent to the country’s gross domestic product (GDP).

Among the measures approved are: Circulation of a model draft for turnkey projects; release of 75 per cent 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.