The Live Ahmedabad
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured

The Live Ahmedabad

  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
Nation

Nitin Gadkari introduces first ‘Surety Bond Insurance’ for infrastructure projects

by TLAteam December 20, 2022December 20, 2022
written by TLAteam December 20, 2022December 20, 2022
Nitin Gadkari introduces first ‘Surety Bond Insurance’ for infrastructure projects

Minister of Road Transport and Highways, Nitin Gadkari launched the country’s first surety bond insurance product on Monday, reducing infrastructure developers’ dependent on bank guarantees.

Business News

Nitin Gadkari said “India is well on its path to becoming a $ 5 trillion economy and achieving the dream of Prime Minister, Narendra Modi ; insurance will play an important role in this growth. To realize Modi’s dream, it is important that infrastructure projects are executed at a faster speed; infrastructure, and notably roads, are vital to the economic and social growth of our country. With this new instrument of Surety Bonds, the availability of both liquidity and capacity will definitely be boosted; such products stand to strengthen the sector. We are confident that expanding our road network will lead to more prosperity, increased employment opportunities, and increased social connectivity. Surety Bond Insurance is the right step in this direction, I am glad to see that Bajaj Allianz General Insurance has taken the great initiative by launching this important product.”

Surety Bond Insurance will serve as a security arrangement for infrastructure projects, protecting both the contractor and the principal. The product will cater to the requirements of a diversified group of contractors, many of whom are operating in today’s increasingly volatile environment. Surety Bond Insurance is a risk transfer tool that protects the Principal from losses that may occur if the contractor fails to perform their contractual obligations.

The product gives the principal a contract of guarantee that contractual terms and other business deals will be concluded in accordance with the mutually agreed terms. If the contractor fails to meet the contractual terms, the Principal can file a claim against the surety bond to recover their losses. Unlike a bank guarantee, Surety Bond Insurance does not require large collateral from the contractor, freeing up significant funds for the contractor to use for business growth. The product will also help in reducing the contractors’ debts to a large extent thus addressing their financial worries. The product will help the country’s upcoming infrastructure projects grow.

The product grants the principal a guarantee that the terms of any contracts and other business agreements will be fulfilled in accordance with the terms mutually agreed upon.

The principal can file a claim against the surety bond and recover their losses if the contractor doesn’t uphold the terms of the contract.

AhmedabadAhmedabad cityAhmedabad newsGujaratGujarat governmentGujarat newslatest news
0 comment
previous post
Ahmedabad records a minimum of 16.5 degrees, 0.8 degree drop over Monday
next post
Gujarat HC criticises state for stray cattle problem

You may also like

‘Kaanta Laga’ Fame Shefali Jariwala Passes Away at...

June 28, 2025

Shikhar Dhawan Opens Up About Personal Life and...

June 27, 2025

CJI BR Gavai Asserts Constitution’s Supremacy Amid Ongoing...

June 27, 2025

Shikhar Dhawan Opens Up About 2006 Australia Tour,...

June 27, 2025

ICC Introduces Major Rule Changes Across All Formats...

June 26, 2025

Scientists Discover New Blood Group ‘Gwada Negative’; Woman...

June 26, 2025

Markets Rise for 3rd Day: Sensex Up 1,000...

June 26, 2025

Catastrophic Disaster Ahead? New Baba Vanga’s Art Predicts...

June 26, 2025

‘Namaskar from Space!’: Shubhanshu Shukla Sends First Message...

June 26, 2025

Vadodara to Host National Tax Conference ‘Arthmanthan’ on...

June 26, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Business News

Recent Posts

  • ‘They Forcibly Took Me to the Guard Room… Undressed and Raped Me’: FIR Reveals Horrific Details in Kolkata Gangrape Case

    June 28, 2025
  • Heavy Rainfall Floods Low-Lying Areas in Surat; Relief Efforts Underway

    June 28, 2025
  • Ashadhi Bij Brings Buying Spree in Ahmedabad

    June 28, 2025
  • YFLO Ahmedabad Hosts Transformational Session for Members

    June 28, 2025
  • ‘Kaanta Laga’ Fame Shefali Jariwala Passes Away at 42 in Mumbai

    June 28, 2025
December 2022
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Nov Jan »
The Live Ahmedabad
Footer Logo
  • Home
  • Ahd City
  • Business
  • Entertainment
  • Education
  • Crime
  • Health
  • Politics
  • Sports
  • Featured
  • Privacy Policy
  • Disclaimer
  • Cookie Policy
  • Terms of use
  • Advertise with Us
  • Work With Us
  • Contact Us

© 2021 - The Live Ahmedabad. All Rights Reserved.