The government is weighing a plan to remove the bank guarantee clause from road contracts using the engineering, procurement and construction (EPC) model to kickstart a large number of stalled projects as part of a larger plan to infuse liquidity into the system.
During a roadshow organised by the National Highways Authority of India here recently, Road Transport and Highways Minister Nitin Gadkari had said: “The Finance Minister has told me to do whatever is needed to award projects to boost liquidity in the markets. I told her that we would award ₹5 lakh crore worth of highway projects by March.”
“But, we are facing a practical problem regarding bank guarantees. Our projects are delayed because contractors are not in a position to get bank guarantees. Now, the Finance Ministry is thinking of removing the condition of bank guarantees,” Gadkari said.
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