NITI Aayog is finally fixing the loose ends with the construction matrix to allow the multiplier effect to breathe its magical effect across the economy. It is putting together a policy to remove hurdles for projects where contractors are locked
In a move to revive the construction sector, NITI Aayog is working out a plan to remove hurdles for construction projects where contractors are locked in arbitration with government agencies. The think-tank has circulated the proposal for consultation with other ministries as well as lenders.
Construction work on the Mumbai-Ahmedabad high-speed railway corridor is likely to begin next year. Even while the Indian Railways is planning to begin construction work in 2017, some contentious issues involving land acquisition remain.
Last month, in a swift move at the recommendation of NITI Aayog, the government reversed the misery of construction and infrastructure companies. In this column last month, I had pitched for a resolution to the impasse on matters stuck in arbitration, disputes and appeals.
India recently replaced China as the fastest growing economy, according to the International Monetary Fund (IMF). However, the Indian economy is beginning to show fault lines. In the April to June quarter of this year, economic growth slowed down to an annual rate of 7.1 per cent, the slowest rate in two years
In a recent move, the government has changed roles of 19 secretaries and 18 joint secretaries in a major bureaucratic reshuffle. The 19 new secretaries have been appointed in various central government departments.
NITI Aayog is planning big! Under the stewardship of Amitabh Kant, CEO, the central planning body is going to put together a listing of 10 mega infrastructure projects that have the potential of being developed under the PPP mode.