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The Centre's Sagarmala project will provide a huge boost to the country's marine insurance sector, according to experts from the industry.
The prime objective of the project, approved by the Union Cabinet in March 2015, is to promote port-led direct and indirect development and provide infrastructure to transport goods to and from ports quickly and cost-effectively.
New India Assurance Chairman and Managing Director G Srinivasan said huge marine insurance opportunities exist in the country given its long coastline, focus on infrastructure development and boom in industrial production and exports.
R Chandrasekaran, Secretary General, General Insurance Council, said the Sagarmala initiative has come at a right time as the country is looking at developing its shipping and port infrastructure.
The project will bring the latest in marine insurance practices and training methodologies in India and help augment the talent in the insurance industry, he added.
Union Minister of Shipping Nitin Gadkari recently held a meeting to discuss ways to fast-track the venture.
"The shipping minister held a meeting in Goa to speed up the Sagarmala project," Malini Shankar, Director General of Shipping, said while addressing an international event here.
The conference was organised yesterday by the General Insurance Council in collaboration with the Germany-based International Union of Marine Insurance (IMUI).