Shri Sarbananda Sonowal, Hon’ble Union Minister of Ports, Shipping & Waterways, chaired a high-level review meeting with senior officials to assess the performance and future roadmap of Sagarmala Finance Corporation Ltd. (SMFCL), India’s first dedicated maritime Non-Banking Financial Company (NBFC).
The meeting focused on strengthening maritime financing mechanisms and accelerating investments across critical sectors of the maritime economy, in line with the Government’s vision of building a globally competitive maritime ecosystem.
During the review, the Minister evaluated SMFCL’s operational progress and its role in supporting infrastructure development through timely financial assistance. Discussions also covered strategies to expand financing support for ports, shipbuilding, coastal infrastructure, inland waterways and other maritime projects.
SMFCL has emerged as a key financial institution for the sector, having sanctioned loans exceeding ₹10,700 crore while disbursing more than ₹3,700 crore to various maritime and logistics projects across the country.
The corporation is playing a crucial role in mobilising investments for port-led development, enhancing multimodal connectivity, promoting indigenous shipbuilding and strengthening coastal infrastructure. These initiatives are expected to improve logistics efficiency, facilitate trade, generate employment and contribute significantly to India’s blue economy.
The review meeting reaffirmed the Ministry’s commitment to leveraging SMFCL as a strategic financial catalyst to accelerate maritime infrastructure development and support the country’s long-term vision of becoming a global maritime powerhouse under the Maritime Amrit Kaal Vision 2047.