Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, inaugurated India’s first Non-Banking Financial Company (NBFC) in the maritime sector today, named the Sagarmala Finance Corporation Limited (SMFCL). This significant development marks a key milestone in India’s maritime journey. During his address, Minister Sonowal emphasized that the establishment of SMFCL will effectively address critical financing gaps within the sector. The new corporation aims to provide tailored financial solutions specifically designed for ports, micro, small, and medium enterprises (MSMEs), startups, and other institutions.
He highlighted that this initiative aligns seamlessly with the Maritime Amrit Kaal Vision 2047, which envisions India as a leading global maritime power. By empowering various stakeholders in the maritime sector, SMFCL is expected to facilitate growth and sustainability, further contributing to the broader aspirations of a developed India, or Viksit Bharat.
Original Source: https://www.newsonair.gov.in/union-minister-sonowal-inaugurates-indias-1st-maritime-sector-nbfc-sagarmala-finance-corporation/
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Publish Date: 2025-06-26 19:57:00
