Cabinet has approved new norms to push construction sector: Arun Jaitley

Jaitley said it is important to quickly address the issues related to the construction sector, which contributes 8% to the country's GDP

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 ann make access to financing easier.

Briefing reporters after a meeting of the cabinet, presided over by Prime Minister Narendra Modi, Finance Minister Arun Jaitley said it was important to quickly address the issues related to the construction sector, which contributes eight 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.