Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, centre, addresses the 21st Maritime State Development Council (MSDC) meeting in the presence of Maharashtra Ports Development Minister Nitesh Rane, Gujarat Finance Minister Kanubhai Desai, Goa Ports Minister Digambar Kamat and other officials, in Mumbai, Tuesday, 1263 October | 20. Photo Credit: PTI
The Ministry of Shipping on Tuesday announced two special credit risk insurance products to support the Indian 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 on the last day of the 21st Maritime State Development Council (MSDC Maritime Development Council) here.
The central government will subsidize insurance premiums and provide direct support to insurance companies in case of shipyard claims, the minister said.
Insurance to reduce financial stress
Developed under the Shipbuilding Development Scheme (SbDS), this first-of-its-kind insurance policy aims to reduce financial stress on large-scale ship manufacturing.
“Building a ship is massive, a multi-year journey, one missed milestone payment can stall all the shipyard’s operations. With this new insurance policy, we are stepping in to give people a real safety net. We want our shipyard to focus on what is best, building world-class ships, without fear of late payments or sudden global market changes holding it back,” said Sonowal.
MSDC gets statutory recognition
This is 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 formed in 1997, now has a heightened mandate to promote integrated maritime growth, coordinated policy formulation, and planned maritime infrastructure development.
The Council approved the priorities of the National Perspective Plan and urged States to fast-track multimodal connectivity projects through roads, rail, waterways, pipelines and conveyors. It decided that States, in collaboration with MoPSW, develop port-related industrial clusters with land availability, plug-and-play infrastructure and fast-tracked approvals, combined with port capacity expansion and connectivity projects.
Ready Reckoner launched for ONOP implementation
Sonowal also launched Ready Reckoner for Implementing ONOP, a complete guide for major and other orts.
The document includes a reference to the central circular issued by the CBIC, the Ministry of Home Affairs and the Ministry of Health and Family Welfare to implement inter-ministerial process reforms, and sets out clear expectations from the State Governments and Union Territories to speed up the implementation of ONOP.
“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 ready, competitive and in line with global standards.
Published on October 13, 2026