\u201cSMFCL to bridge financial gaps and offer financial solutions to spruce up maritime sector\u2019s financial needs”: Sarbananda Sonowal<\/p>\n
The\u00a0Union Minister of Ports, Shipping & Waterways (MoPSW), Shri Sarbananda Sonowal<\/strong>\u00a0today inaugurated Sagarmala Finance Corporation Limited (SMFCL), India\u2019s first Non-Banking Financial Company (NBFC) in the maritime sector. The\u00a0Union Minister Shri Sonowal<\/strong>\u00a0was joined by the\u00a0Union Minister of State for MoPSW, Shri Shantanu Thakur<\/strong>\u00a0along with Secretary, MoPSW, TK Ramachandran at the launch.<\/p>\n Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India\u2019<\/span>s maritime infrastructure development, in alignment with the\u00a0Amrit Kaal Vision 2047<\/strong>. SMFCL \u2014a Mini Ratna, Category-I, Central Public Sector Enterprise\u2014has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, 2025.<\/p>\n Speaking on the occasion, the\u00a0Union Minister, Shri Sarbananda Sonowal<\/strong>\u00a0said,\u00a0\u201cThe registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India\u2019<\/span>s maritime journey. Under the visionary leadership of Prime Minister Shri Narendra Modi ji, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat.\u201d<\/em><\/p>\n As a sector-specific NBFC, SMFCL is uniquely poised to bridge financing gaps in the maritime sector and catalyse economic growth. The corporation will offer tailored financial products\u2014including short, medium, and long-term funding\u2014to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions.<\/p>\n In its expanded mandate, SMFCL will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India\u2019<\/span>s vision to emerge as a global maritime leader.<\/p>\n Speaking on the occasion, the\u00a0Union Minister of State for MoPSW, Shri Shantanu Thakur<\/strong>\u00a0said,\u00a0\u201cWith SMFCL now functioning as a dedicated NBFC, we\u2019<\/span>re creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector.\u201d<\/em><\/p>\n With this milestone, SMFCL is set to provide a more focused and accessible financial ecosystem for India\u2019<\/span>s maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency.<\/p>\n","protected":false},"featured_media":4400,"template":"","class_list":["post-908","all_news","type-all_news","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.dzinepixel.com\/Paradipport_wp\/wp-json\/wp\/v2\/all_news\/908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.dzinepixel.com\/Paradipport_wp\/wp-json\/wp\/v2\/all_news"}],"about":[{"href":"https:\/\/staging.dzinepixel.com\/Paradipport_wp\/wp-json\/wp\/v2\/types\/all_news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.dzinepixel.com\/Paradipport_wp\/wp-json\/wp\/v2\/media\/4400"}],"wp:attachment":[{"href":"https:\/\/staging.dzinepixel.com\/Paradipport_wp\/wp-json\/wp\/v2\/media?parent=908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}