On 13 October 2026, the Ministry of Ports, Shipping and Waterways launched two credit risk insurance products for India’s shipbuilding industry. Union Minister Sarbananda Sonowal announced the policies at the 21st Maritime State Development Council (MSDC) meeting in Mumbai.
Credit Risk Insurance for Shipbuilding
Credit risk insurance covers specified losses arising from a buyer’s or debtor’s failure to pay. The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd, is intended for export shipbuilding projects. The Business Credit Shield Policy Shipbuilders (BCSPS), developed by The New India Assurance Co Ltd, is intended for domestic shipbuilding projects. The central government will subsidise premiums for the policies and provide direct support to insurers if shipyards make claims. The products were developed under the Shipbuilding Development Scheme (SbDS) and are designed to address payment risks in large shipbuilding projects.
Shipbuilding Development Scheme and Maritime Package
The two policies form part of a ₹69,725-crore shipbuilding and maritime package. The package includes the ₹19,989-crore Shipbuilding Development Scheme, which the Union Cabinet approved in September 2025. The scheme provides the framework under which the two insurance products were developed. The stated purpose of the policies is to help shipyards manage risks from delayed payments and changes in global markets while undertaking vessel construction. The products cover separate project categories: export shipbuilding under SbPCP and domestic shipbuilding under BCSPS.
Maritime State Development Council and Indian Ports Act
The Maritime State Development Council is a forum for coordination between the Union Government and maritime states on port and maritime-sector matters. Its 21st meeting was the council’s first session as a statutory body under the Indian Ports Act, 2025. The Act was notified on 15 May 2026.
Important Facts for Exams
- ECGC Ltd developed the Shipbuilding Project Credit Risk Insurance Policy for export shipbuilding projects.
- The New India Assurance Co Ltd developed the Business Credit Shield Policy Shipbuilders for domestic projects.
- The ₹19,989-crore Shipbuilding Development Scheme is part of a ₹69,725-crore shipbuilding and maritime package.
- The Indian Ports Act, 2025, was notified on 15 May 2026.
The Union Cabinet approved the Shipbuilding Development Scheme in September 2025. The 21st Maritime State Development Council meeting took place in Mumbai on 13 October 2026.
