India working on insurance scheme to counter Red Sea crisis impact, says Piyush Goyal

Union Minister Piyush Goyal

Amid the ongoing Iran war, Union Minister Piyush Goyal on Saturday said India is working on an insurance scheme to support any headwinds coming from Red Sea crisis.

Speaking at CNBC-TV 18 India Business Leader Awards 2026, he said the Centre is holding dialogue with all stakeholders on a daily basis. "We have been engaging with all export promotion councils. We have a 24-hour helpline ready to resolve any issues. We are constantly coming up with SOPs to help any cargo which needs come back to ensure custom or port support," he said.

Goyal said the commerce ministry also set up certain schemes which will  help create an insurance cover should any export cargo be damaged or lost or even inordinately delayed because of the Red Sea problem or Strait of Hormuz problem. "Next week, we shall come out more with some more concrete agendas to support the exporters," said Goyal.

Meanhile, on Saturday, India’s second LPG carrier Nanda Devi  successfully exited the Strait of Hormuz and entered open waters, government sources told CNN-News18, marking another step forward in India’s efforts to safely move its energy cargo through the tense Gulf region.

Sources said the vessel is now being escorted by the Indian Navy, which will guide it during 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.

According to government insiders, Nanda Devi is carrying more than 46,000 metric tonnes of liquefied petroleum gas (LPG). The cargo is considered critical for India’s energy supply chain, particularly at a time when shipping movements in the Gulf have faced disruptions due to the ongoing regional crisis.

Earlier, CNN-News18 had reported that the first Indian LPG vessel, Shivalik, had already begun its movement through the Strait of Hormuz after negotiations helped secure safe passage.