The Parliamentary Committee on Public Undertakings has called on the Centre to expedite the operationalisation of lending through the Sagarmala Finance Corporation Limited (SFCL) to strengthen India’s maritime sector. The recommendation was part of the Committee’s eighteenth report on public undertakings, tabled in Parliament on Thursday.
The report noted that India’s maritime ecosystem stands at a critical turning point—facing challenges of dependency, infrastructure shortfalls, and limited financing, while simultaneously being positioned for significant growth. Emphasising coordinated action, the Committee urged the Ministry of Ports, Shipping and Waterways to drive deeper collaboration among central ministries, state governments, and private players, advocating a stronger push toward public–private partnerships.
A key recommendation included prioritising the implementation of the revamped Shipbuilding Financial Assistance Policy (SBFAP 2.0), introducing the proposed Credit Note Scheme, and ensuring effective rollout of the ₹25,000-crore Maritime Development Fund. These measures, the Committee said, will help provide long-term, competitive financing essential for sectoral expansion.
Reviewing the Sagarmala programme, the report highlighted notable progress with 248 projects worth ₹3.47 lakh crore identified so far. Of these, 112 projects have been completed while 77 remain under development. However, the panel stressed that a more focused and accelerated approach is required to fully realise the programme’s potential.
The Committee recommended the formation of a high-level task force to closely monitor the 77 ongoing Sagarmala projects and 107 connectivity projects under the PM Gati Shakti initiative. It also called for a time-bound action plan backed by clear financial commitments to address 62 identified road and rail infrastructure gaps that continue to impede efficient cargo movement.
The report underscores the urgency for financial and infrastructural interventions to unlock the next phase of growth in India’s maritime and port-led development strategy.
