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Shipping Ministry Launches Two Credit-Risk Insurance Products for Indian Shipbuilders

13 October 2026National

The Ministry of Ports, Shipping and Waterways launched two specialised credit-risk insurance products for shipbuilders on 13 October 2026, announced by Union Minister Sarbananda Sonowal at the 21st Maritime State Development Council meeting in Mumbai. The Shipbuilding Project Credit Risk Insurance Policy (SbPCP), developed by ECGC Ltd, covers export shipbuilding projects, while the Business Credit Shield Policy Shipbuilders (BCSPS), developed by The New India Assurance Company, covers domestic projects. Both shield yards against buyer or debtor default and delayed payments during long construction cycles, with the Centre subsidising premiums and backstopping insurers on claims. They sit under the Rs 19,989 crore Shipbuilding Development Scheme.

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ECGC Ltd, formerly the Export Credit Guarantee Corporation of India, was set up in 1957 under the Ministry of Commerce and Industry | The Maritime State Development Council, constituted in 1997, became statutory under the Indian Ports Act, 2025, notified 15 May 2026 | Policy follows Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047

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