Latest news with #PortReadinessIndex

Business Standard

Shipping ministry launches India's first maritime NBFC Sagarmala Finance

In a move to ease access to finance for shipping-related ventures, the Ministry of Ports, Shipping and Waterways on Thursday launched the Sagarmala Finance Corporation Limited (SMFCL), India's first non-banking financial company (NBFC) in the maritime sector. Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India's maritime infrastructure development, aligned with the Amrit Kaal Vision 2047, the shipping ministry said. 'SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions. It has fulfilled a long-standing demand of the maritime industry in the country,' said Shipping Minister Sarbananda Sonowal. The company was formed by converting the existing PSU, Sagarmala Development Corporation, into an NBFC. Between the Maritime Development Fund and SMFCL, the government aims to mobilise nearly ₹1.5 trillion for maritime financing. The corporation will offer tailored financial products—including short, medium, and long-term funding—to a diverse range of stakeholders such as port authorities, shipping companies, MSMEs, startups, and maritime educational institutions. In its expanded mandate, SMFCL will also support strategic sectors such as shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India's vision to emerge as a global maritime leader, the ministry said. The ministry also released a Port Readiness Index for major ports across the country to identify strategic action areas such as land facilitation for green hydrogen production, demand stimulation, shared infrastructure investment, international collaboration, and proactive investment roles. '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,' the ministry stated. Additionally, in line with its plan to address discrepancies between tariff regimes at major ports, the ministry released a standardised Scale of Rates (SOR) template for all major ports to enhance transparency and ease of doing business.