India Becomes World's Largest Ship Recycling Hub, Achieves 2030 Target Ahead of Schedule





New Delhi — India has emerged as the world's leading ship recycling nation in 2025, accounting for 35.4 per cent of global ship recycling, according to the latest report by the United Nations Conference on Trade and Development (UNCTAD).

India's share of the global market has risen from 30.1 per cent in 2024 to 35.4 per cent this year, with ship recycling volumes surging nearly 60 per cent to 2.99 million gross tons (GT), compared to 1.86 million GT in the previous year, the Ministry of Ports, Shipping and Waterways (MoPSW) said.

The milestone means India has achieved the Maritime India Vision (MIV) 2030 goal of becoming the world's top ship recycling nation well ahead of its target year.

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The ministry attributed the achievement to a series of maritime reforms, ease-of-doing-business initiatives and sustained policy measures introduced under the leadership of Prime Minister Narendra Modi.

Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, said India's rise to the top reflects the success of consistent policy reforms, industry participation and adherence to international environmental and safety standards.

According to the Baltic and International Maritime Council, more than 16,000 ships are expected to be recycled worldwide over the next decade. With its current 35.4 per cent market share, India is well-positioned to recycle around 500 to 600 vessels annually while continuing to expand its recycling capacity.

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The government has introduced several measures to strengthen the sector. These include the enactment of the Recycling of Ships Act, 2019, which aligns India's ship recycling framework with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships.

To modernise the industry, the Centre has provided financial assistance of Rs 53.5 crore, enabling 115 ship recycling yards to become compliant with international standards under the Hong Kong Convention.

The Ministry has also launched the Ship-breaking Credit Note Scheme, under which ship owners receive a credit note equivalent to 40 per cent of the scrap value of a recycled vessel. In addition, the government is working towards securing the inclusion of Indian ship recycling yards in the European Union's approved list of recycling facilities.

 

 

--With inputs from IANS

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