Sonowal inaugurates India’s 1st maritime sector NBFC

Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal inaugurated India’s first Non-Banking Financial Company-NBFC in the maritime sector, Sagarmala Finance Corporation Limited-SMFCL on Thursday, June 26,2025 in New Delhi. Speaking on the occasion, the Minister said that the registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India’s maritime journey. He said that SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. He added that this move is in perfect alignment with the Maritime Amrit Kaal Vision 2047, and making the country a leading global maritime power and Viksit Bharat. During the event, Sonowal launched the SAGAR SETU platform to boost operational efficiency and ease of doing business. He also released a standardised Scale of Rates template for Major Port Authorities to ensure uniform port tariffs. Additionally, he unveiled the Gateway to Green report, outlining a roadmap for ports to transition to green hydrogen hubs. The Ministry signed an MoU with CDAC to establish a Digital Centre of Excellence, promoting digital transformation in the maritime sector.