In a historic move for India’s maritime sector, Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, inaugurated the Sagarmala Finance Corporation Limited (SMFCL)—India’s first marine-focused Non-Banking Financial Company (NBFC)—on June 19, 2025. The launch, attended by MoPSW Secretary T K Ramachandran and Minister of State Shantanu Thakur, marks a significant step towards realizing the Government of India’s Maritime Amrit Kaal Vision 2047.



A Strategic Step Toward Maritime Amrit Kaal Vision 2047

SMFCL, a Mini Ratna Category-I Central Public Sector Enterprise, has been officially registered with the Reserve Bank of India (RBI) as an NBFC. Formerly known as Sagarmala Development Company Limited, the entity has now been restructured to meet the strategic financing needs of India's maritime domain. This transformation aligns with the long-term roadmap of building Viksit Bharat through robust maritime development.



Bridging Financial Gaps in the Maritime Sector

According to Minister Sonowal, SMFCL will bridge critical financial gaps in the maritime infrastructure landscape and provide sector-specific financial solutions. Its offerings are expected to empower a wide array of stakeholders—port authorities, MSMEs, startups, and maritime institutions—by providing access to customised funding solutions across short, medium, and long-term horizons.



Expanding Horizons: Beyond Core Port Infrastructure

Beyond just financing port development, SMFCL’s expanded mandate covers key strategic areas such as:



Shipbuilding



Alternative energy

Cruise tourism



Maritime education



This broad scope is expected to create a specialised financial ecosystem to support both traditional and emerging segments within the maritime economy.



Unlocking Innovation and Inclusive Growth

Minister of State Shantanu Thakur underlined the importance of having a dedicated marine NBFC in building a focused financial framework. He emphasised that SMFCL will play a crucial role in fostering innovation, investment, and inclusive development across the maritime value chain.



With the launch of SMFCL, India has laid the groundwork for a transformative financial engine that can unlock maritime potential, empower regional economies, and strengthen the nation's global position as a maritime leader.