The ambitious plan of the government to launch the Surety Insurance Bonds market – an alternative to bank guarantees in infrastructure projects — has failed to take off in the last three years due to technical and financial impediments.
The Surety Bond market in India hasn’t moved at all after Nitin Gadkari, Union Minister, Ministry for Road Transport and Highways (Morth), launched two basic level Surety Bonds (Bid Bonds) in December 2022, issued by Bajaj Allianz General Insurance, insurance sources said.
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