India’s first Surety Bond Insurance product to be launched

12 Dec 2022 CW Team

According to Nitin Gadkari, Minister of Road Transport and Highways, India's first Surety Bond insurance product will be launched on December 19 to boost liquidity in the infrastructure sector. Speaking at the CII Global Economic Policy Summit, the minister stated that surety bonds will increase liquidity in the infrastructure sector by releasing contractors' working capital that is currently trapped in bank guarantees.

He also stated that highway project developers were having difficulty obtaining bank guarantees for their projects, so this will be a welcome relief to the contractors. Gadkari also stated that the Ministry will launch India's first insurance scheme to provide project guarantees.

This announcement comes as India plans to construct 26 expressways, multimodal logistics parks, a funicular railway in Ladakh, 35 multimodal logistics parks, 670 wayside amenities, 28 emergency landing facilities, and 260 ropeway and cable cars, among other things.

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