Union Shipping and Road Transport Minister Nitin Gadkari on Saturday welcomed the London-based Round Table's approval for redrawing of High Risk Area (HRA) in Indian Ocean, saying that it is one of the most significant triumphs for India in the maritime sector on the global stage.
"In view of India's efforts, international bodies have agreed to push back High Risk Area from longitude East 78° to East 65°. This is one of the most significant triumphs for India in the maritime sector on the global stage. This will result in huge savings for India's EXIM trade and consumers on account of reduced insurance premium and consequently freight costs," Gadkari said in a series of tweets.
Earlier, the global shipping industry body that regulates maritime routes, on Friday approved redrawing of High Risk Area (HRA) in Indian Ocean. The area has been shifted away from the Indian coast and will thus bring huge savings in insurance costs incurred by shipping vessels.