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India maritime sector development initiatives
Overview
India is pursuing strategic goals to enhance its maritime and shipbuilding self-reliance. Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal has called on the Shipping Corporation of India (SCI) to lead efforts toward the ‘Maritime Amrit Kaal Vision 2047’, aiming to establish the country as a top global shipbuilding and ship-owning nation.
Addressing the economic impact of relying on foreign liners—which currently manage 95 percent of the country’s export cargo—the government is implementing financial frameworks to support this transition. Sagarmala Finance Corp. Ltd (SMFCL), a dedicated maritime-sector non-banking financial company, has set a target to reach cumulative disbursements of approximately ₹602 billion by the end of fiscal year 2031.
To further support port-led development and coastal infrastructure, the government is also developing the ₹250 billion Maritime Development Fund (MDF). This includes the Maritime Investment Fund (MIF) and the already operational Interest Incentivisation Fund (IIF).
Entities
Sarbananda Sonowal · Shipping Corporation of India · Securities and Exchange Board of India · SBI Ventures Ltd · Maritime Development Fund
Timeline
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[BUSINESS] 2 sourcesSagarmala Finance Corp. Ltd targets ₹602 billion in disbursals by 2031
India’s maritime NBFC, Sagarmala Finance Corp. Ltd, aims to disburse ₹602 billion by 2031 to support port and shipbuilding infrastructure.
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[BUSINESS] 3 sourcesShipping Corporation of India urged to lead maritime growth
Union Minister Sarbananda Sonowal urged the Shipping Corporation of India to lead the drive for maritime self-reliance to reduce foreign exchange outflows and meet 2047 shipbuilding goals.
Sources
indiashippingnews.com · infrastructuretoday.co.in