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Nitin Gadkari emphasises Coordination, Cooperation and Communication under PM Gati Shakti Master plan

Newdelhi:24/5/23:Union Minister for Road Transport and Highways Shri Nitin Gadkari said Coordination, Cooperation and Communication under PM Gati Shakti Master plan among all stakeholders is necessary for National Highway development ecosystem. Addressing NHAI  Workshop on Implementation of e-BG & Insurance Surety Bonds for Contracts in New Delhi today he said decision making has to be time bound, transparent and result oriented .

Minister of State Gen. (Dr.) V. K. Singh (Retd.); Shri Anurag Jain, Secretary, MoRTH; Shri Santosh Kumar Yadav Chairman, NHAI & senior officials from MoRTH, NeSL, IRDAI, NHAI, NHIDCL, Industry experts, representatives of banks and insurance companies were present on the occasion.

The objective of this workshop was to highlight the benefits of e-BGs and Insurance Surety Bonds among various stakeholders and expedite adoption of these instruments. Wider implementation of e-BG and Insurance Surety Bonds will ensure greater transparency and efficiency of processes.

The workshop saw various presentations made by NeSL, Banks and Insurance Companies. The sessions dwelled deeper into e-BG workflow, Regulatory Framework of Surety Bonds and deliberated different prospectives for vendors and the beneficiaries.

NHAI has started accepting the Bid Security and Performance Security in the form of e-BG. However, at present only 13 banks in 19 states & Union Territories provide the facility of issuing e-BG. Despite this, till date about 202 e-BGs pertaining to NHAI contracts have been issued by various banks in different states through NeSL platform.

NHAI is also in touch with the insurance companies to analyze use of Insurance Surety Bonds as an additional mode of submitting Bid Security and /or Performance Security Deposit. The Insurance Surety Bonds, when issued, would be cost effective and provide adequate security for NHAI projects.

 

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.
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