- Prime Minister Modi-led Union Cabinet approved Sovereign Maritime Fund with Rs 13,800 crore corpus
- The fund aims to provide cost-effective insurance for Indian-flagged vessels
- Decision comes amid safety concerns over vessels due to US-Iran conflict
Prime Minister Narendra Modi-led Union Cabinet cleared the setting up of a Sovereign Maritime Fund with a corpus of Rs 13,800 crore on Saturday, April 18, 2026, sources told NDTV Profit. The fund will be utilise for cost-effective insurance cover for Indian-flagged vessels. The move follows recent concerns over the safety of vessels amid the ongoing US-Iran conflict and the movement of ships across the Strat of Hormuz.
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