Union Minister Sarbananda Sonowal inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime sector-focused Non-Banking Financial Company (NBFC), on June 26, 2025.

This NBFC aims to fill financial gaps in the maritime sector and accelerate development aligned with the Maritime India Vision 2047.

Union Minister Sarbananda Sonowal inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first maritime-focused NBFC, on June 26, 2025. Alongside, several major initiatives were launched to improve operational efficiency, digital transformation, and sustainability in the maritime sector under the Maritime India Vision 2047.

Key Points:

• SMFCL aims to bridge financing gaps in the maritime sector, with ?680 crore in Tier-I capital and lending potential of ?3,400 crore.
• The SAGAR SETU digital platform was launched to improve operational efficiency and ease of doing business in Indian ports.
• A standardized Scale of Rates template was introduced for Major Port Authorities to harmonize port tariffs across India.
• The "Gateway to Green" report was unveiled to provide a roadmap for developing Indian ports as future green hydrogen hubs.
• An MoU was signed with CDAC to establish a Digital Centre of Excellence, promoting maritime sector digitization and innovation.