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Cabinet clears 12980 crore sovereign maritime insurance pool to shield Indian shipping from global shocks
Economy
Published on 24 April 2026
Insurance cover for Indian-linked vessels goes sovereign
The Union Cabinet, chaired by Narendra Modi, has approved a ₹12,980 crore Sovereign Maritime Fund to insure Indian-flagged, India-bound and India-originating vessels. The decision is designed to improve maritime trade resilience, lower dependence on foreign insurers, and protect shipping operations as global uncertainties keep rising.
- Cabinet approved a ₹12,980 crore Sovereign Maritime Fund
- Covers Indian-flagged, India-bound and India-originating vessels
- Seeks to reduce reliance on foreign insurers
- Targets stronger resilience amid growing global uncertainties
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times