New Delhi: The Transportation Minister for Jalan Union Nitin Gadkari on Monday asked the private sector entity to advance for the development of social bonds to fund road safety projects in this country.
He said the corpus produced through social contributions could be used to finance projects such as 100 zero fatality corridors in India.
Social bonds are the use of bonds of results that raise funds for new and existing projects with positive social outcomes.
Gadkari made this observation while overcoming a virtual workshop organized by the World Bank about “personal financing for road safety”.
“The idea that was conveyed to me from private capital mobilization through social bonds, bonds related to sustainability and CSR fund collection can be used widely for efforts to increase road safety …
I urge all private sector entities to pro-actively advance for social development of bonds, “He said.
Gadkari said the first zero fatality stretch.
Gadkari said even though the insurance company was a direct beneficiary of a saved life, they could barely contribute to the cause in India.
He said there was a large scope of improvement in approving claims and providing support to the families of the victims.