India Sets Sail: Inauguration of Sagarmala Finance Corporation in Maritime Revolution

The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, along with Union Minister of State Shantanu Thakur and Secretary TK Ramachandran, inaugurated Sagarmala Finance Corporation Limited (SMFCL) on Thursday. This launch marks India's first Non-Banking Financial Company (NBFC) dedicated to the maritime sector.

Previously known as Sagarmala Development Company Limited, SMFCL is set to play a crucial role in shaping India's maritime infrastructure, aligning with the Amrit Kaal Vision 2047. Officially registered as an NBFC with the Reserve Bank of India on June 19, 2025, SMFCL is classified as a Mini Ratna, Category-I, Central Public Sector Enterprise.

Sarbananda Sonowal emphasized the corporation's significance, stating that SMFCL will meet longstanding demands from the maritime industry by providing sector-specific financial solutions. This initiative, influenced by Prime Minister Narendra Modi's vision, aims to bolster India's economy by empowering ports, MSMEs, startups, and more. Additionally, SMFCL will focus on strategic areas such as shipbuilding and renewable energy, reinforcing India's goal to be a global maritime powerhouse by 2047.

Union Minister of State Shantanu Thakur highlighted the establishment of a dedicated financial ecosystem through SMFCL, promoting innovation and inclusive growth in the maritime industry. The corporation is expected to enhance national logistics, sustainable development, and investment opportunities across various maritime sectors.

(With inputs from agencies.)