India Launches Maritime Insurance Pool Amid West Asia Volatility

Defence Minister Rajnath Singh chaired a high-level meeting of the Informal Group of Ministers in New Delhi on April 18, 2026, to assess India's preparedness amid a volatile conflict in West Asia. Describing the regional situation as "uncertain and volatile," Singh stated that India must prepare for both de-escalation and potential escalation.

To protect maritime trade, the Union Cabinet approved the Bharat Maritime Insurance Pool, backed by a sovereign guarantee of Rs 12,980 crore to ensure affordable insurance for vessels in risky corridors. The government is also diversifying energy imports from the United States, Australia, and Latin America to reduce dependence on the Strait of Hormuz. India currently maintains fuel stocks sufficient for over 60 days of crude oil and petrol, 50 days of LNG, and 40 days of LPG.

To shield consumers from rising crude prices caused by the Middle East crisis, the government reduced excise duty on petrol and diesel by ₹10 per litre. The Ministry of Petroleum and Natural Gas warned against panic buying and conducted over 2,400 raids on April 18 to stop LPG hoarding. Regarding maritime security, the Ministry of Ports, Shipping and Waterways confirmed that the tanker Desh Garima safely crossed the Strait of Hormuz on April 18, although two other Indian vessels reported firing incidents in the region with no injuries to crew.