India's Ministry of Shipping announced two new credit risk insurance products to support the country's shipbuilding industry. These products are designed under the National Shipbuilding Mission.
New Insurance Products
The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd, covers export projects. Additionally, the Business Credit Shield Policy for Shipbuilders (BCSPS), designed by New India Assurance Co Ltd, is dedicated to protecting domestic projects. This information was announced by Sarbananda Sonowal, Minister of Ports, Shipping and Waterways of India, on the final day of the 21st Maritime State Development Council (MSDC).
Government Support and Insurance Objectives
The central government will subsidize the premium costs and will provide direct support to insurance companies in case of claims made by shipbuilding factories. These policies, developed under the Shipbuilding Development Scheme (SbDS), are designed to alleviate financial pressure in the construction of large-scale ships.
Sarbananda Sonowal stated: "Building a ship is a massive and multi-year journey. A delayed payment can halt the operations of a shipbuilding factory. With these new insurances, we provide them with a real safety net. We want our shipyards to focus on what they do best, which is building world-class ships, without the fear of delayed payments or sudden changes in the global market."
Objective of Developing Maritime Infrastructure
This meeting was the first session of the MSDC after its establishment as a statutory advisory body under the Indian Ports Act in 2025. The council, established in 1997, now operates with an expanded mission to promote integrated maritime growth, formulate coordinated policies, and develop planned maritime infrastructure.
The MSDC has approved the priorities of the national vision plan and has urged states to expedite multi-modal connectivity projects through roads, railways, inland waterways, pipelines, and conveyors. The council has also recommended that states, in coordination with the Ministry of Shipping and Waterways, develop port-related industrial clusters with land accessibility, ready-to-use infrastructure, and expedited approvals.
Sonowal also introduced a comprehensive guide titled "Accountant Ready for ONOP Implementation," which includes references to central circulars issued by CBIC, the Ministry of Home Affairs, and the Ministry of Health and Family Welfare for implementing inter-ministerial process reforms.
Sonowal emphasized: "The MSDC has now entered a new legal phase and strengthens federal cooperation in maritime governance. By adopting the MIV 2030 and MAKV 2047 goals, the Indian port and shipping sector will be future-ready, competitive, and aligned with global standards. Today's council decisions are an important step towards integrated maritime growth and port-related industrialization."
