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News: During the 21st Meeting of Maritime State Development Council, Shipbuilding Project Credit Risk Insurance Policy (SbPCP), and Business Credit Shield Policy–Shipbuilders (BCSPS), credit risk insurance products have been launched to support India’s shipbuilding industry.
About Shipbuilding Project Credit Risk Insurance Policy (SbPCP) and Business Credit Shield Policy–Shipbuilders (BCSPS)
- Shipbuilding Project Credit Risk Insurance Policy (SbPCP) and Business Credit Shield Policy–Shipbuilders (BCSPS) are the first-of-their-kind insurance policies.
- Aim: They aim to reduce financial stress in large-scale ship manufacturing.
- It aligns with the National Shipbuilding Mission.
- Nodal Ministry: Ministry of Ports, Shipping and Waterways
- The central government will subsidize insurance premiums and provide direct support to insurers in case shipyards file claims.
About Shipbuilding Project Credit Risk Insurance Policy (SbPCP)
- Developed by: It has been developed by ECGC Ltd.
- It has been developed under the Shipbuilding Development Scheme (SbDS).
- Coverage: It will cover export-oriented projects from financial stress.
About Business Credit Shield Policy–Shipbuilders (BCSPS)
- It is a specialized credit risk insurance product.
- Developed by: It has been developed by New India Assurance Co. Ltd. (NIACL).
- Coverage: It will protect domestic projects from financial stress.
About Maritime State Development Council (NSDC)
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