Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
GS3 – Infrastructure & Economy
Context
India has launched its first specialized maritime Non-Banking Financial Company (NBFC) to finance the blue economy under the Sagarmala initiative.
About SMFCL
- Transformation: Formed by restructuring the Sagarmala Development Company Ltd (SDCL).
- Legal Status: Registered with RBI under the Companies Act, 2013.
- Administrative Control: Under the Ministry of Ports, Shipping and Waterways (MoPSW).
Core Functions
- Maritime Finance: Provides funding for ports, shipping, MSMEs, and maritime startups.
- PPP Support: Aims to facilitate Public-Private Partnerships in port and maritime infrastructure.
- Blue Economy Focus: Finances areas like shipbuilding, cruise tourism, and logistics.
- Sustainability: Promotes green and carbon-neutral infrastructure in maritime projects.
Vision 2047 – Maritime Amrit Kaal
- A long-term strategic plan to elevate India as a leading global maritime nation.
Key Goals:
- Port Capacity: Expand to 10 billion tonnes per annum.
- PPP Model: Ensure 100% private participation across all 12 major ports.
- Investment Mobilisation: Target ₹80 lakh crore over the next 25 years.
- Multimodal Logistics: Strengthen mega ports, transhipment hubs, and connectivity.
- Carbon Neutrality: Achieve net-zero emissions at major ports.
About NBFCs
- Definition: Financial institutions offering services like lending and investment without accepting demand deposits.
- Regulation: Governed by RBI and incorporated under the Companies Act, 2013.
Key Characteristics:
- Can engage in leasing, lending, and hire-purchase.
- Cannot accept demand deposits or issue cheques.
- Not part of the payment and settlement system.
- No DICGC coverage, hence deposits are not insured.