Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal has announced two specialised credit risk insurance products to support India’s shipbuilding industry under the National Shipbuilding Mission. Addressing the 21st Maritime State Development Council (MSDC) meeting in Mumbai, Mr Sonowal said the Shipbuilding Project Credit Risk Insurance Policy will cover export projects, while the Business Credit Shield Policy-Shipbuilders will protect domestic projects.
Describing shipbuilding as a massive, multi-year undertaking, Mr Sonowal said the government would subsidise insurance premiums and provide direct support to insurers in the event of claims by shipyards. He said the government aims to enable shipyards to build world-class vessels without being held back by delayed payments or sudden shifts in global markets.
In a major step towards ease of doing business, the council resolved that all ports must integrate with the Maritime Single Window (MSW Sagar Setu) by March 2027 to ensure unified digital processes nationwide. The minister also launched the Ready Reckoner for implementing the ‘One Nation One Port Process’ (ONOP) initiative. The council also mandated the electronic publication of port tariffs to ensure transparency.
