Indian Finance Minister Nirmala Sitharaman has urged the establishment of a dedicated Indian Protection and Indemnity (P&I) entity to reduce the nation’s susceptibility to international sanctions. Speaking at the Global Maritime India Summit 2023, Sitharaman highlighted that such an entity would enhance strategic flexibility in shipping operations and provide a foothold in the P&I business. An India-owned entity would offer protection against liabilities for ships in coastal and inland waters, fostering maritime arbitrations within the country. Sitharaman also called for collaboration between banks and the government to address financing challenges in the maritime sector and emphasized the role of financing in attracting public-private partnerships.
Indian Finance Minister Advocates for Domestic Maritime Protection and Indemnity Entity
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