India launches first maritime NBFC to boost port, shipping and blue economy sectors

NEW DELHI: In a major push to strengthen India’s maritime economy, Union minister Sarbananda Sonowal on Thursday launched the country’s first sector-specific Non-Banking Financial Company (NBFC), Sagarmala Finance Corporation Ltd (SMFCL).The corporation, which was formerly known as Sagarmala Development Company Ltd, has now been registered as an NBFC with the Reserve Bank of India (RBI) as of June 19, the Ministry of Ports, Shipping and Waterways confirmed.“SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions,” said Sonowal at the launch. “This has been a long-standing demand of the maritime industry and aligns with our Maritime Amrit Kaal Vision 2047.”A financing engine for India’s maritime futureAs a specialised financial entity, SMFCL will offer short-, medium-, and long-term funding tailored to the maritime sector. The beneficiaries include port authorities, shipping firms, maritime startups, MSMEs, and even educational institutions focused on maritime studies.Beyond traditional shipping and port logistics, the NBFC will also support strategic growth areas like shipbuilding, cruise tourism, renewable energy, and maritime education.Vision 2047 and Viksit BharatThe launch of SMFCL fits squarely into India’s broader Maritime Amrit Kaal Vision 2047, which aims to make India a global maritime leader and a key node in global trade and logistics. With its new financial arm, the government hopes to unlock stalled infrastructure projects, fuel innovation, and contribute to national logistics efficiency.