 "Nitin Gadkari")
The road transport and highways ministry will launch the maiden surety bonds insurance product by general insurance companies for highway contractors on December 19, Union Minister Nitin Gadkari said on Thursday.
The announcement comes two years after the ministry had requested the Insurance Regulatory and Developmental Authority of India (IRDAI) to explore the feasibility of these bonds.
“On December 19, our ministry is launching India's first-ever surety bond insurance product...that is going to give a good relief to the contractors,” Gadkari said addressing the Confederation of Indian Industry’s Global Economic Policy Summit.
Surety bonds are guarantees of payment issued by
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