On 26th June 2025, Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping & Waterways (MoPSW), inaugurated Sagarmala Finance Corporation Limited (SMFCL), India’s first Non-Banking Financial Company (NBFC) in the maritime sector.
- The event was also attended by Union Minister of State(MoS) Shantanu Thakur, MoPSW and TK Ramachandran, Secretary of MoPSW.
- During this event multiple tech initiatives including the SAGAR SETU platform, the Digital Centre of Excellence (DCoE) with Centre for Development of Advanced Computing (C-DAC), and the DRISHTI monitoring framework were launched by the Union Minister Sarbananda Sonowal to boost efficiency and productivity in a major maritime digital push.
About Sagarmala Finance Corporation Limited(SMFCL):
i.New Delhi(Delhi) based SMFCL, formerly known as Sagarmala Development Company Limited, is now positioned to play a transformative role in India’s maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047.
ii.It is Mini Ratna, Category-I, Central Public Sector Enterprise(CPSE) that has been formally registered as NBFC with the Reserve Bank of India (RBI).
iii.The purpose of the sector specific NBFC is to bridge financing gaps in the maritime sector and catalyse economic growth.
- The corporation will fulfil the purpose by providing tailored financial products, including short, medium, and long-term funding to stakeholders such as port authorities, shipping companies, Micro, Small and Medium Enterprises (MSMEs), startups, and maritime educational institutions.
- Beyond traditional shipping and port logistics, the NBFC will also support strategic growth areas like shipbuilding, cruise tourism, renewable energy, and maritime education.
Note: The Amrit Kaal Vision 2047, formulated by the MoPSW, builds on the Maritime India Vision 2030 and aims to develop world-class ports and promote inland water transport, coastal shipping, and a sustainable maritime sector. It encompasses aspirations in Logistics, Infrastructure, and Shipping, supporting India’s ‘Blue Economy’.
Key Tech Initiatives Launched:
Union Minister Sarbananda Sonowal unveiled three major digital initiatives to modernize India’s maritime ecosystem:
1.Digital Centre of Excellence (D-COE): The MoPSW and Centre for Development of Advanced Computing (C-DAC), under the Ministry of Electronics and Information Technology (MeitY) signed an MoU to establish a Digital Centre of Excellence (DCoE) for the maritime sector.
- This initiative aims to accelerate digital transformation in India’s maritime industry.
- It will provide advanced Information Technology(IT) solutions, foster innovation, and guide the modernisation of port operations and shipping logistics through emerging technologies like Artificial Intelligence (AI), Internet of Things (IoT), and Blockchain.
- Supporting national maritime objectives, the Centre will also prioritise green and sustainable operations, aligning with Maritime India Vision 2030 and Amrit Kaal Vision 2047.
2.SAGAR SETU platform: The MoPSW launched the SAGAR SETU platform to boost operational efficiency, improve productivity, and simplify the ease of doing business (EoDB) in the maritime sector.
- The platform aligned with the PM GatiShakti National Master Plan (PMGS-NMP), integrates multiple service providers to offer seamless Export Import (EXIM)-related services.
- The platform connects over 80 ports and 40 key stakeholders and also it is designed to significantly reduce processing times for vessel and cargo documentation, promoting faster, paperless logistics.
3.DRISHTI Framework: The ‘Data driven decision support-Review-Institutional Information-System for-Hastening and-Tracking-Implementation(DRISHTI)’ Framework has been launched as a comprehensive monitoring tool to fast-track maritime goals, ensuring timely implementation of the Maritime India Vision (MIV) 2030 and the Amrit Kaal Vision 2047.
- The framework has been built on 4 strategic pillars – KPI (Key Performance Indicator) Monitoring, Achievements Tracking, Organisational Monitoring, and Functional Cell Oversight.
4.Scale of Rates (SoR) of Major Ports: The SoR aims to address inconsistencies and interpretation issues by providing a uniform structure for port tariffs.
- The SoR template supports digital integration, facilitating better tariff comparisons and clearer service articulation.
v.Gateway to Green: India’s Ports Transforming into Hydrogen Hubs Report: This significant report, developed in collaboration with New Delhi(Delhi) based Indian Ports Association (IPA), charts a strategic roadmap for transforming Indian ports into major centers for green hydrogen production, storage, and export.
- Indian ports such as V. O. Chidambaranar Port, Paradip Port, Deendayal Port, Jawaharlal Nehru Port, Mumbai, and Cochin are particularly well-positioned to cater to the clean energy demands of East Asia and the European Union (EU).
Note: Maritime India Vision 2030 provides a comprehensive framework for the holistic development of India’s maritime sector, encompassing ports, shipping, and waterways. It outlines 150 initiatives aimed at propelling India to global maritime leadership.
Eligibility Criteria for NBFCs:
i.To register as a NBFC, an entity must first be incorporated under the Companies Act, 2013.
ii.It must also meet the minimum Net Owned Fund (NOF) requirement Rs.10 crore for most types like NBFC-Investment and Credit Companies (NBFC-ICC) and NBFC-Micro Finance Institution (NBFC-MFI), and Rs.100 crore for Core Investment Companies (CICs).
iii.Additionally, the company must secure a Certificate of Registration (CoR) from the RBI before starting NBFC operations.
About Ministry of Ports, Shipping and Waterways (MoPSW):
Union Minister – Sarbanada Sonowal (Constituency – Dibrugarh, Assam)
Minister of State (MoS) – Shantanu Thakur (Constituency –Bangaon, West Bengal, WB)
