Indian Government Plans Marine Insurance Initiative for Cargo Vessels

The Indian government is considering using its own funds to establish a P&I entity for insuring cargo vessels. Private insurers are expected to contribute later. Discussions are ongoing with stakeholders, aiming to cover coastal and riverine vessels initially. The plan involves international partnerships, a fixed premium framework, and involving global players for reinsurance management.

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India’s Shipbuilding Industry Growth Prospects and Global Ambitions by 2047

India’s shipbuilding industry is poised for growth, attracting interest from major economies like Japan and South Korea. The Ministry of Ports, Shipping, and Waterways aims to elevate India’s global ranking to the top 10 by 2030 and top five by 2047 through collaborations and investments. Historical roots in shipbuilding and positive growth projections highlight India’s potential in the global market.

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