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The Economic Times

Business

Shipping ministry launches 2 credit risk insurance products for ship building industry

Insurance Sarbananda Sonowal States

MUMBAI: The Shipping Ministry on Tuesday announced two specialised credit risk insurance products to support India's 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 at the concluding day of the 21st Maritime State Development Council (MSDC) held here.

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