India Unveils First Maritime NBFC: Discover the Impact of Sagarmala Finance Corporation Limited (SMFCL) – A Game Changer for the Maritime Industry!

Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, recently launched India’s first Non-Banking Financial Company (NBFC) in the maritime sector, called the Sagarmala Finance Corporation Limited (SMFCL). This event marks a significant step in India’s maritime development.

During the launch, Sonowal emphasized how SMFCL will fill important financial gaps. He noted that it will provide tailored financial solutions for ports, micro, small, and medium enterprises (MSMEs), startups, and educational institutions. This initiative aligns with the Maritime Amrit Kaal Vision 2047, aimed at establishing India as a leading player in global maritime affairs.

As of June 19, 2025, SMFCL is officially recognized by the Reserve Bank of India and has gained the status of Mini Ratna, Category-I, Central Public Sector Enterprise. This recognition reinforces the government’s goal of enhancing maritime infrastructure and elevating India’s position within the global maritime landscape.

Sonowal pointed out the crucial role SMFCL will play in solving financial challenges in the sector. He mentioned that this new entity has met a long-standing demand from the maritime industry, showing a commitment to improving economic growth.

SMFCL will provide a variety of financial products, including short-, medium-, and long-term funding. These services will support various stakeholders, such as port authorities and maritime educational institutions. The corporation also aims to foster shipbuilding, renewable energy initiatives, cruise tourism, and education, all critical components of India’s maritime strategy.

Minister of State for MoPSW, Shantanu Thakur, highlighted the transformative potential of SMFCL’s NBFC status. He stated that it will create a focused financial ecosystem, paving the way for innovation and investment in the maritime sector.

According to the latest statistics, the maritime sector is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2027. This growth underscores the need for such financial initiatives to support the expanding maritime ecosystem.

Overall, the establishment of SMFCL marks a pivotal moment in India’s maritime journey, providing vital resources and opportunities for growth while aligning with national development goals.

For further insights into the maritime sector’s growth, you can check the International Maritime Organization.

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