Latest news with #SarbanandaSonowal
Time of India
2 days ago
- Business
- Time of India
Sagarmala is 1st maritime NBFC
New Delhi: India on Thursday floated its first maritime sector Non Banking Financial Company (NBFC) Sagarmala Finance Corporation (SMFCL). Shipping minister Sarbananda Sonowal said the company will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, startups, and institutions. TNN Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
India Gazette
2 days ago
- Business
- India Gazette
Union Minister Sarbananda Sonowal launches key tech initiatives to boost efficiency, productivity in major maritime digital push
New Delhi [India], June 26 (ANI): The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal, launched multiple tech initiatives to boost efficiency and productivity in a major maritime digital push here on Thursday, an official statement said. The launch of SAGAR SETU platform as well as MoPSW's MoU with the Centre for Development of Advanced Computing (CDAC) to develop & establish Digital Centre of Excellence (DCoE) are set to make significant strides in digital transformation as well as sustainable infrastructure development. MoPSW and C-DAC signed an MoU to establish a Digital Centre of Excellence (DCoE) for the maritime sector. This landmark initiative, announced in New Delhi on 26th June 2025, aims to accelerate digital transformation in India's maritime industry. The DCoE will provide advanced IT solutions, foster innovation, and guide the modernisation of port operations and shipping logistics through emerging technologies like AI, 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. The Ministry of Ports, Shipping, and Waterways proudly launched the SAGAR SETU platform, marking a new era in India's logistics and maritime ecosystem. The Go-Live of this digital initiative, inaugurated on 26th June 2025 by Union Minister Sarbananda Sonowal, aims to enhance operational efficiency, bring in productivity and ease of doing business (EODB). Aligned with the PM Gati Shakti National Master Plan, SAGAR SETU integrates multiple service providers to offer seamless EXIM-related services. The platform is designed to significantly reduce processing times for vessel and cargo documentation, promoting faster, paperless logistics. Notably, this platform connects over 80 ports and 40 key stakeholders, reflecting broad industry adoption. The 'DRISHTI' Framework was launched to Fast-Track Maritime Goals, providing a comprehensive monitoring framework to accelerate the implementation of Maritime India Vision 2030 and Amrit Kaal Vision 2047. Inspired by Prime Minister's motto of 'Reform, Perform, Transform, Inform', DRISHTI has been built on four strategic pillars: KPI Monitoring, Achievements Tracking, Organisational Monitoring, and Functional Cell Oversight. Speaking on the occasion, Sarbananda Sonowal said, 'Under the visionary leadership of Prime Minister Narendra Modiji, India's maritime sector is undergoing a transformative digital shift. With the launch of SAGAR SETU platform and the Digital Centre of Excellence initiative, we reaffirm our unwavering commitment to use modern technology to bring in efficiency, transparency and sustainability. Apart for modernising the port & logistics operations, it will accelerate our journey towards a greener, smarter and an Atmanirbhar maritime economy. Aligned with the goals of the Maritime India Vision 2030 and Amrit Kaal Vision 2047, these efforts represent a significant step towards realising the Prime Minister's vision of a Viksit Bharat. By embracing emerging technologies like AI, IoT, and blockchain, we are building a future-ready infrastructure that empowers our ports, streamlines trade, and strengthens India's position as a global maritime leader.' A standardized Scale of Rates (SOR) template for all Major Ports to enhance transparency and ease of doing business was released. This new SOR aims to address inconsistencies and interpretation issues by providing a uniform structure for port tariffs. Developed after extensive consultations and a comprehensive review of existing SORs and Tariff Guidelines, the template includes standardized definitions and transparent conditions for rate applications. While offering flexibility for ports to adapt to local conditions, the SOR template supports digital integration, facilitating better tariff comparisons and clearer service articulation. This initiative is set to improve trade efficiency and align the port services with evolving market dynamics. Speaking on the launch, the Union Minister of State for MoPSW, Shantanu Thakur said, 'Guided by the vision of Prime Minister Narendra Modi ji, we are standardising processes and digitising systems to make our ports more transparent, efficient, and business-friendly. The new Scale of Rates and tech-led platforms like SAGAR SETU will streamline trade, boost investor confidence, and align our maritime ecosystem with global best practices.' In a parallel but strategically aligned move toward sustainability, India's ambition to become a global leader in green hydrogen has been bolstered with the publication of 'Gateway to Green: Assessing Port Readiness for Green Hydrogen Transition in India.' This pivotal report prepared in collaboration with the Indian Ports Association (IPA), outlines a roadmap for transforming Indian ports into hubs for green hydrogen production, storage, and export. The report identifies strategic action areas such as land facilitation for green hydrogen production, stimulating demand, investing in shared infrastructure, fostering international collaboration, and adopting active investment roles. Indian ports such as VO 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. Towards the concluding remark, Sarbananda Sonowal said, 'India's ports are evolving into catalysts of the green hydrogen revolution, a vision of PM Narendra Modi to produce 5 million tons of Green Hydrogen by 2030. This roadmap reflects our commitment to sustainability and energy security, as envisioned by Prime Minister Narendra Modi ji. By unlocking our ports' potential, we aim to position India as a key global hub for green hydrogen production, storage, and export, build on the natural advantages of India's vibrant maritime ecosystem.' The launch of these initiatives is a testament to the Indian government's commitment to digital empowerment and clean energy leadership. As Minister Sarbananda Sonowal stated, the focus is on ensuring that ports evolve from traditional gateways of trade to catalysts of sustainable development. These ventures not only strengthen India's position in the global logistics landscape but also contribute meaningfully to national economic growth, envisioning a digitally empowered, self-reliant, and environmentally sustainable India. The event was also attended by TR Ramachandran, Secretary, MoPSW along with other senior officials of the ministry. (ANI)
Time of India
2 days ago
- Business
- Time of India
India launches first maritime NBFC to boost port, shipping and blue economy sectors
Union minister Sarbananda Sonowal launches key tech initiatives to boost efficiency, productivity in major maritime digital push. NEW DELHI: In a major push to strengthen India's maritime economy, Union minister Sarbananda Sonowal on Thursday launched the country's first sector-specific Non-Banking Financial Company (NBFC), Sagarmala Finance Corporation Ltd (SMFCL). The corporation, which was formerly known as Sagarmala Development Company Ltd, has now been registered as an NBFC with the Reserve Bank of India (RBI) as of June 19, the Ministry of Ports, Shipping and Waterways confirmed. 'SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, MSMEs, startups, and institutions,' said Sonowal at the launch. 'This has been a long-standing demand of the maritime industry and aligns with our Maritime Amrit Kaal Vision 2047.' A financing engine for India's maritime future As a specialised financial entity, SMFCL will offer short-, medium-, and long-term funding tailored to the maritime sector. The beneficiaries include port authorities, shipping firms, maritime startups, MSMEs, and even educational institutions focused on maritime studies. Beyond traditional shipping and port logistics, the NBFC will also support strategic growth areas like shipbuilding, cruise tourism, renewable energy, and maritime education. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo Vision 2047 and Viksit Bharat The launch of SMFCL fits squarely into India's broader Maritime Amrit Kaal Vision 2047, which aims to make India a global maritime leader and a key node in global trade and logistics. With its new financial arm, the government hopes to unlock stalled infrastructure projects, fuel innovation, and contribute to national logistics efficiency. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 days ago
- Business
- Time of India
India's first maritime NBFC launched
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India launched its first maritime sector Non Banking Financial Company (NBFC), Sagarmala Finance Corporation Limited (SMFCL), Thursday. Addressing the event, Minister of Ports, Shipping and Waterways (MoPSW), Sarbananda Sonowal said SMFCL will bridge crucial financing gaps and offer sector-specific financial solutions, empowering ports, startups, and on the occasion, Union Ports, Shipping, and Waterways Minister, Sarbananda Sonowal said, 'This has fulfilled a long standing demand of the maritime industry in the country.'SMFCL, a Mini Ratna, Category-I, Central PublicSector Enterprise, was formally registered as a NBFC with the Reserve Bank of India (RBI) earlier this said SMFCL has Rs 680 crore Tier 1 capital which can be leveraged to borrow a targeted Rs 3400 crore. 'We are ready to offer much bigger loans with consortium partners,' an official told 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 its expanded mandate, SMFCL will also support strategic sectors like shipbuilding, renewable energy, and cruise tourism, the statement added.
Time of India
2 days ago
- Business
- Time of India
Sarbananda Sonowal inaugurates Sagarmala Finance Corporation Limited, India's first maritime non-banking financial company
New Delhi: The Union Minister of Ports, Shipping & Waterways MoPSW), Sarbananda Sonowal , on Thursday inaugurated Sagarmala Finance Corporation Limited (SMFCL), India's first Non-Banking Financial Company (NBFC) in the maritime sector . The Union Minister Sonowal was joined by the Union Minister of State for MoPSW, Shantanu Thakur along with Secretary, MoPSW, TK Ramachandran at the launch. Formerly known as Sagarmala Development Company Limited, SMFCL is now positioned to play a transformative role in India's maritime infrastructure development, in alignment with the Amrit Kaal Vision 2047 . SMFCL --a Mini Ratna, Category-I, Central Public by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When the Camera Clicked at the Worst Possible Time Read More Undo Sector Enterprise has been formally registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) as of June 19, 2025. Speaking on the occasion, the Union Minister, Sarbananda Sonowal, said, "The registration of Sagarmala Finance Corporation Limited as an NBFC is a major milestone in India's maritime journey. Under the visionary leadership of Prime Minister Narendra Modi, we are taking decisive steps to strengthen the maritime sector as a key pillar of our economy. 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. This move is in perfect alignment with the Maritime Amrit Kaal Vision 2047 and our shared goal of making India a leading global maritime power and Viksit Bharat." Live Events As a sector-specific NBFC, SMFCL is uniquely poised to bridge financing gaps in the maritime sector and catalyse economic growth. 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 like shipbuilding, renewable energy, cruise tourism, and maritime education, further reinforcing India's vision to emerge as a global maritime leader. Speaking on the occasion, the Union Minister of State for MoPSW, Shantanu Thakur, said, "With SMFCL now functioning as a dedicated NBFC, we're creating a focused financial ecosystem to accelerate maritime growth. This will unlock opportunities for innovation, investment, and inclusive development across the sector." With this milestone, SMFCL is set to provide a more focused and accessible financial ecosystem for India's maritime growth, enabling projects that contribute to sustainable development, innovation, and national logistics efficiency.
