New Delhi - 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 . . .
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