FM's extension of completion timelines a big relief for construction firms

Many of these firms, which have been grappling with Covid-19 crisis and exodus of migrant labour, will now be able to complete contractual obligations

Finance Minister Nirmala Sitharaman’s announcement on Wednesday of a relaxation in completion timelines for government contracts comes as a breather for companies grappling with the Covid-19 crisis and the exodus of migrant labourers.
 

Sitharaman said an extension of up to six months will be provided by all central agencies — the Railways, Ministry of Road Transport and Highways, and Central Public Works Department. The relief has been extended to all construction related activities and goods and services contracts.

It also covers obligations like completion