Indian Cabinet approves sovereign-guaranteed Bharat Maritime Insurance Pool with ₹12,980 crore cover for shipping industry.
Pool provides hull, cargo, P&I, and war risk coverage for vessels in conflict zones like Red Sea.
Aims to reduce dependence on foreign insurers and stabilize trade flows, covering 70% of India's trade volume.
Initiative aligns with Maritime India Vision 2030 to position India as a top global maritime power.