India working on insurance cover for export cargo hit by Red Sea crisis: Piyush Goyal

Amid disruptions to global shipping routes caused by the ongoing conflict involving Iran, Union Commerce and Industry Minister Piyush Goyal on Saturday said the government is working on an insurance mechanism to protect exporters from potential losses linked to the Red Sea crisis.

Speaking at the CNBC-TV18 India Business Leader Awards 2026, Goyal said the government is in continuous consultation with exporters and industry bodies to address emerging challenges. He added that authorities are holding daily discussions with export promotion councils and have also established a round-the-clock helpline to assist businesses facing shipping or logistics issues.

According to the minister, the government is also issuing standard operating procedures (SOPs) to ensure quick customs and port support for cargo shipments that may need to be redirected or returned due to disruptions in international trade routes.

Goyal said the proposed scheme would offer insurance coverage to exporters in case shipments are damaged, lost or face significant delays because of disruptions in the Red Sea or the Strait of Hormuz. He added that the government plans to announce more detailed measures next week to provide additional support for exporters affected by the evolving situation.

LPG shipment safely exits Hormuz

Meanwhile, India’s second LPG carrier, Nanda Devi has successfully exited the Strait of Hormuz and entered open waters, according to government sources. The development marks another step in India’s efforts to ensure the safe movement of energy shipments through the tense Gulf region.

Sources said the vessel is currently being escorted by the Indian Navy for the next leg of its journey towards India. The ship is expected to reach an Indian port within the next two days, with Mumbai or Kandla likely to be its destination.

Officials said the ship is transporting more than 46,000 metric tonnes of liquefied petroleum gas (LPG), a cargo considered crucial for maintaining India’s energy supply, particularly as tensions in the Gulf region have disrupted shipping movements.

Earlier, the first Indian LPG carrier, Shivalik had also begun its transit through the Strait of Hormuz after diplomatic negotiations helped secure safe passage.

The developments come as India closely monitors the security situation in the Gulf and works to safeguard both its trade flows and critical energy supplies amid heightened geopolitical uncertainty.