The Shipping Ministry on Tuesday announced two specialised credit risk insurance products to support India’s shipbuilding industry under the National Shipbuilding Mission.
The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd, will cover export projects, while the Business Credit Shield Policy Shipbuilders (BCSPS), developed by The New India Assurance Co Ltd, will protect domestic projects, Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal announced at the concluding day of the 21st Maritime State Development Council (MSDC) held here.
The central government will subsidise insurance premiums and provide direct support to insurers in case shipyards file claims, the minister said.
Developed under the Shipbuilding Development Scheme (SbDS), these first-of-their-kind insurance policies aim to reduce financial stress in large-scale ship manufacturing.
“Building a ship is a massive, multi-year journey, a single missed milestone payment could stall an entire shipyard’s operations. With these new insurance policies, we are stepping in to give them a real safety net. We want our shipyards to focus on what they do best, building world-class vessels, without the fear of delayed payments or sudden global market shifts holding them back,” said Sonowal.
This was the first meeting of the MSDC after its recognition as a statutory consultative body under the Indian Ports Act, 2025, notified on May 15 this year. The Council, originally constituted in 1997, now functions with an enhanced mandate to promote integrated maritime growth, coordinated policy formulation, and planned development of maritime infrastructure.
The Council endorsed the priorities of the National Perspective Plan and urged States to fast-track multimodal connectivity projects through road, rail, inland waterways, pipelines and conveyors. It resolved that States, in coordination with MoPSW, to develop port-linked industrial clusters with land availability, plug-and-play infrastructure and fast-tracked approvals, integrated with port capacity expansion and connectivity projects.
Sonowal also launched the Ready Reckoner for Implementing ONOP, a comprehensive guide for major and other than major orts.
The document includes references to central circularshissued by CBIC, Ministry of Home Affairs and Ministry of Health and Family Welfare for implementing inter-ministerial process reforms, and sets out clear expectations from state and Union Territory Governments to expedite ONOP implementation.
“The MSDC has now entered a new statutory phase, strengthening cooperative federalism in maritime governance. With the adoption of MIV 2030 and MAKV 2047 targets, India’s ports and shipping sector will be future-ready, competitive and aligned with global standards. The Council’s resolutions today mark a decisive step towards integrated maritime growth and port-led industrialization,” Sonowal said.
