India’s Union Minister for Road Transport and Highways, Nitin Gadkari, has highlighted the importance of coordination and communication for National Highway development during a workshop on implementing e-BG and insurance guarantees for contracts. The aim of the session was to highlight the benefits of e-BGs and insurance guarantees to stakeholders, while Gadkari stressed that decision-making must be “timely, transparent and result-oriented.” The workshop also discussed e-BG workflow and surety bond regulatory frameworks, as well as different perspectives for providers and beneficiaries. To date, only 13 banks in 19 states and union territories currently offer e-BG issuance.
According to Gadkari, more comprehensive implementation of e-BGs and insurance guarantees will ensure the transparency and efficiency of processes. The National Highways Authority of India (NHAI) has started to accept bid and performance certainty in the form of e-BG and is in contact with insurance companies to analyze the use of insurance bonds as a way to submit bid security and performance security deposits. Insurance guarantees would be inexpensive and provide adequate security for NHAI projects. The Indian Ministry of Finance and the Indian Government have made e-BG and insurance guarantees equivalent for all public procurement.
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