Cabinet Committee on Economic Affairs (ccea) today approved short term and long term initiatives to address the issues ailing the construction sector. Briefing media in New Delhi today, Finance Minister Arun Jaitley said, the new norms will help in quicker resolution of disputes to kick start stalled projects and make access to easier financing. He said, it is important to quickly address the issues related to the construction sector, which contributes eight per cent to the country's gross domestic product.<br/><br/>The Finance Minister said, the government and the Reserve Bank of India will also consider to de-stress stalled construction projects to help improve liquidity in the short run. Highlighting some advantages of the new norms, Mr Jaitley said, wherever there are disputes pending between public bodies and construction sector under the old arbitration Act, which was time consuming, there will be an option with consent to shift toward to the new arbitration procedures where there is a procedure for a cheaper and quicker arbitral process. <br/><br/>He said, in all new contracts relating to construction, there will be a conciliation board provision and this borad will comprise of independent subject experts. 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. The proposals were set forth by NITI Aayog to give a boost to the construction sector.