With little progress in establishing a protection and indemnity (P&I) entity to insure cargo vessels, the Centre is considering deploying its own funds as preliminary investment. This approach would involve private insurers and shippers contributing at a secondary stage, according to multiple officials familiar with the development.
More than a year after Union Finance Minister Nirmala Sitharaman’s unexpected announcement calling for a P&I entity, the lack of regulatory clarity and the nascency of the Indian shipping sector have slowed progress on this key initiative.
