Finance Minister Arun Jaitley briefing media persons in New Delhi. (Photo: ANI)
With its aim to improve the construction sector in the country, the government cleared approved new norms on Wednesday that will help in faster resolution of disputes to start stalled projects and make access to financing simpler.
Briefing reporters in the national capital, Finance Minister Arun Jaitley said it was important to quickly address the issues linked to the construction sector, which contributes 8 per cent to the country's gross domestic product (GDP).
Amongst the measures sanctioned are: release of 75 per cent of money earmarked for infrastructure companies towards completion of existing projects; coverage of disputes between companies and civic bodies under a new arbitration law and circulation of a model draft for turnkey projects.