Context:
The Union Minister of Shipping inaugurated India’s first dedicated maritime sector NBFC, Sagarmala Finance Corporation Limited (SMFCL), aimed at bridging financing gaps in maritime infrastructure and boosting sectoral growth in line with the Maritime Amrit Kaal Vision 2047.
Key Highlights
- Entity Type: Registered as an NBFC with the Reserve Bank of India.
- Status: Mini Ratna Category-I CPSE
- Under Ministry: Ministry of Ports, Shipping and Waterways (MoPSW)
- Headquarters: New Delhi
Core Objectives
- Provide tailored financial solutions to the maritime sector
- Support MSMEs, startups, and maritime skilling institutions
- Facilitate funding in green energy, shipbuilding, cruise tourism, and logistics
- Accelerate port-led development under the Sagarmala Programme
- Contribute to India’s vision of becoming a global maritime leader by 2047
Key Functions of SMFCL
- Offer short-, medium-, and long-term credit to:
- Port authorities
- Maritime logistics companies
- Entrepreneurs and maritime startups
- Finance projects involving:
- Green hydrogen and sustainable technologies
- Digital port infrastructure and automation
- PPP infrastructure models
- Partner with:
- Research institutions for R&D
- Training centers for skill development
