Centre Approves New Norms To Push Construction Sector Across India

 

NEW DELHI, Aug 31: The  Centre 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.

 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.(Agencies)

 

 

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