In a significant step towards bolstering India’s maritime sector, Union Minister for Ports, Shipping and Waterways Mr. Sarbananda Sonowal inaugurated the Sagarmala Finance Corporation Limited (SMFCL), the country’s first Non-Banking Financial Company (NBFC) dedicated to the maritime industry.
Major Boost to Maritime Infrastructure Under Amrit Kaal Vision 2047
Recognized as a Mini Ratna, Category-I Central Public Sector Enterprise, SMFCL has been formally registered as an NBFC with the Reserve Bank of India (RBI) on June 19, 2025. This strategic initiative aligns with the government’s Amrit Kaal Vision 2047, aiming to transform India into a global maritime powerhouse.
SMFCL will serve as a dedicated financial arm, offering short-, medium-, and long-term funding to a wide range of stakeholders including port authorities, shipping companies, MSMEs, startups, and maritime educational institutions. It will also play a critical role in financing key sectors like shipbuilding, renewable energy, cruise tourism, and maritime education.
Enabling India’s Maritime Aspirations
Speaking at the launch, Mr. Sarbananda Sonowal said, “The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. Under the visionary leadership of Prime Minister Mr. Narendra Modi, we are taking decisive steps to position the maritime sector as a key pillar of India’s economic growth.”
With this pioneering move, the government aims to not only bridge the financial gaps in the maritime ecosystem but also accelerate infrastructure development and foster entrepreneurship, pushing India towards becoming a global leader in maritime trade and innovation.
