Union Minister for Ports, Shipping & Waterways, Sarbananda Sonowal, unveiled two specialized credit risk insurance products yesterday intended to bolster India’s shipbuilding sector through the National Shipbuilding Mission. Formulated under the Shipbuilding Development Scheme (SbDS), these novel insurance policies seek to mitigate financial strain within large-scale ship manufacturing. The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), facilitated by ECGC Ltd., will safeguard export ventures, whereas the Business Credit Shield Policy–Shipbuilders (BCSPS), developed by The New India Assurance Co. Ltd. (NIACL), will provide protection for domestic projects. The Government of India will subsidize insurance premiums and extend direct financial support to insurers should shipyards submit claims. Sonowal emphasized that shipbuilding represents a substantial, extended undertaking; a failure to meet a single milestone payment could impede the operations of an entire shipyard.
