Since its launch in May 2023, India’s Bharat Maritime Insurance Pool (BMIP) has swiftly issued over 3,000 cargo-war insurance policies, enhancing domestic maritime insurance capabilities. With an underwriting capacity of approximately Rs 13,906.5 crore, the BMIP aims to reduce reliance on foreign insurers, supporting Indian shipowners and businesses reliant on maritime trade.
The Indian government is considering extending concession periods for privately operated port terminals beyond 30 years to attract long-term investments. The Ministry of Ports emphasizes this for common-user terminals, enabling operators to recover infrastructure costs more effectively. Extended concessions could encourage significant capital expenditures and enhance profitability for terminal operators.
Dredging Corporation of India (DCI) has signed a five-year Memorandum of Understanding with Cochin Shipyard Limited (CSL) for dry dock repairs of its fleet. This collaboration aims to enhance vessel maintenance efficiency and operational readiness, ensuring timely servicing at CSL’s facilities across India, thereby bolstering DCI’s maritime capabilities.
At the India Ship Leasing and Financing Summit in Gandhinagar, Union Minister Sarbananda Sonowal highlighted India’s maritime heritage and its ambition to establish GIFT City as a global maritime hub. Emphasizing reforms and financial initiatives, he outlined the government’s commitment to enhancing ship ownership and financing, positioning India for significant growth in the sector.
India has initiated a digital transformation of its ship registration process, shifting from outdated paperwork to a fully online system. The new Merchant Shipping (Registration of Vessels) Rules, 2026, streamline registrations, enhance vessel identification, and emphasize compliance for foreign chartered vessels, significantly reducing time and costs for shipowners.
India has launched its first sovereign-backed maritime insurance initiative to enhance domestic capacity for shipowners and cargo stakeholders amid fluctuating geopolitical conditions. This initiative aims to provide essential support in a sector facing rising costs and risks, while also addressing the need for reliable insurance solutions in a volatile market.
The Reserve Bank of India has exempted tugboats, dredgers, and offshore support vessels from Export Declaration Forms, aiming to enhance operational efficiency. Additionally, the RBI increased the maximum advance remittance for ship imports to $50 million, aligning maritime financial conditions with aviation and addressing long-standing industry concerns.
