Understanding surety bonds and their benefits for the infrastructure sector
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The approval of 12 new National Industrial Corridor projects and substantial funding of ₹89,287 crore for healthcare and ₹1.48 lakh crore for education, among other major fund allotments, will further bolster infrastructure development across various sectors, enhancing service quality and benefiting citizens nationwide. Private infrastructure investment, accounting for approximately one-fourth of the total infrastructure expenditure, is another significant factor driving growth. With such large-scale projects, it is vital to ensure that qualified contractors are selected, project specifications are met, timelines are adhered to, and maintenance is planned. These factors demand significant time and resources, and project owners must be assured that contractors can fulfil their obligations. To safeguard against unforeseen issues, legal protections are essential for ensuring project success and protecting investments. In 2022, IRDAI introduc...