The interaction
An exchange of perspectives.
Dr. Karan Garg in an interaction with Shri Paramasivan Srinivasan.
About the participant
Experience in context.
Afcons’ Managing Director combines extensive finance, legal and governance experience with infrastructure leadership. He also assumed the chairmanship of the Project Export Promotion Council for a two-year term beginning in March 2025.
Bharat Pulse Policy Lens
EPC delivery: price risk starts in the contract.
Independent Bharat Pulse analysis, not a quotation or a position attributed to the participant.
How should a major project allocate uncertainty before construction begins?
Policy in focus
The Department of Expenditure’s procurement catalogue includes the Works Manual, Second Edition 2025, alongside separate manuals for goods and consultancy services.
Bharat Pulse assessment
For an EPC contractor or project owner, a headline contract value says little about the risk-adjusted economics. Scope maturity, access to the site, interfaces, payment certification and the treatment of changes can matter as much as the bid margin. A project review should connect these matters to the programme and cash-flow model before obligations are accepted.
Bharat Pulse’s assessment is that disciplined preparation is a competitive advantage, not simply a legal cost. Risk should be assigned to the party able to manage it, with a usable process for recording and resolving variations. The applicable tender and contract remain decisive; central procurement manuals should not be assumed to override every client’s rules. These are independent delivery questions, not a report of Afcons’ bids or confidential commitments.
What to watch
Policy sources & scope
A starting point for the applicable procurement framework. Entity-specific rules, subsequent amendments and the signed contract must be read separately.
Editorial review: 2026-09-18. This is the policy-lens review date, not the meeting date. Source periods are shown above; older frameworks are not presented as new announcements.