On June 26, 2025, the Union Minister of Ports, Shipping and Waterways inaugurated the Sagarmala Finance Corporation Limited (SMFCL). Formerly known as Sagarmala Development Company Limited, SMFCL is India’s first non-banking financial company (NBFC) in the maritime sector.
SMFCL will reduce financing gaps in the maritime sector and catalyse economic growth. It will provide customised financial products including short, medium, and long-term funding, to a diverse range of stakeholders. Further, it will also support strategic sectors like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India’s vision to emerge as a global maritime leader.