India Inaugurates Its First NBFC For Boosting Growth Of The Country’s Maritime Industry

In a major move towards strengthening the Indian maritime industry, the government of India inaugurated the country’s first Non-Banking Financial Company (NBFC) for the maritime sector, the Sagarmala Finance Corporation Limited (SMFCL).

This also marks a key milestone under ‘Amrit Kaal Vision 2047’, which aims to boost the maritime infrastructure of the country and transform it into a global maritime power with international influence.

SMFCL, earlier known as Sagarmala Development Company Limited, is now officially registered as an NBFC with the Reserve Bank of India as of June 19, 2025.

It also earned the status of a Mini Ratna, Category-I, Central Public Sector Enterprise.

The corporation would help address the financial challenges faced by the sector and would bridge financing gaps and provide sector-specific financing solutions, ultimately empowering ports, MSMEs, startups and other vital maritime institutions.

With this development, India plans to make maritime a major pillar of the economy and boost growth.

It will offer an array of tailored financial solutions and products like short, medium and long-term funding. The benefits would be given to the port authorities, shipping companies, maritime startups, MSMEs and maritime educational institutes.

The corporation aims to support shipbuilding initiatives, renewable energy projects, cruise tourism and training and education in the maritime sector.

Minister of State for MoPSW, Shantanu Thakur, stated that with SMFCL working as a dedicated NBFC, the country is creating a financial ecosystem for the maritime industry, which will boost its growth and development, unlocking opportunities for investment, innovation, and growth across the sector.

References: Construction World, Adda 247, News On Air

Source: Maritime Shipping News