Two specialised credit risk insurance policies to boost shipbuilding industry launched

The Ministry of Ports, Shipping and Waterways has introduced two specialised credit risk insurance products designed to support the domestic shipbuilding sector. Developed under the Shipbuilding Development Scheme (SbDS), these first-of-their-kind insurance policies aim to alleviate the financial vulnerabilities associated with large-scale vessel manufacturing. Union Minister Mr Sarbananda Sonowal noted that the initiatives provide a robust safety net, enabling local shipyards to focus on constructing world class vessels without the constant threat of delayed payments or volatile global market shifts affecting operations. Industry experts believe these targeted financial mechanisms will significantly boost investor confidence, encourage domestic manufacturing competitiveness and reinforce India’s long-term ambitions of emerging as a global maritime hub. Implementation guidelines and operational frameworks are currently being coordinated with public sector insurers to ensure seamless execution across all major shipyards, according to a report.

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