The government has eased rules for quicker settlement of disputes in the construction sector, Finance Minister Arun Jaitley said on Wednesday, to pump liquidity and activate some of the stranded real estate and infrastructure projects.
Jaitley said the government and the central bank would also consider to de-stress stalled construction projects to help improve liquidity in the short run.
India’s construction sector accounts for 8 percent of the country’s gross domestic product.
Residency status for high networth foreigners
The cabinet has also approved granting residency to high networth foreign nationals, a government source said, to attract foreign investment into the South Asian nation.