In a bid to boost economy and revive the construction sector in the country, the Narendra Modi government has directed all ministries and departments to expedite pending payments to contractors and construction companies. The objective is to infuse liquidity in the market and create more job opportunities.
Over the last few years increasing number of multi-crore infrastructure and construction projects got entangled in legal issues and court proceedings, virtually blocking growth of India”s most promising business sector. Hitherto, the construction sector was providing one of the largest segments of direct and indirect employment across the country.
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Prime Minister Narendra Modi had instructed NITI Aayog in 2016 to find a breakthrough in this direction and later the Cabinet Committee on Economic Affairs (CCEA) approved various measures to infuse liquidity in the construction sector. Yet certain legal hassles remained.
Source: Sify News
