INDIA has emerged as the world’s leading ship recycling nation in 2025, ranking first globally. India’s share of global ship recycling increased to 35.4 per cent in 2025 from 30.1 per cent in 2024, according to the latest report by the United Nations Conference on Trade and Development (UNCTAD).
Ship recycling in India rose significantly to 2.99 million gross tons (GT) in 2025, up nearly 60 per cent from 1.86 million GT in 2024. With this achievement, the target set under Maritime India Vision (MIV) 2030 to become the world’s leading ship recycling nation has been achieved well ahead of schedule.
This achievement reflects the impact of maritime policy reforms and ease-of-doing-business initiatives undertaken by the Government of India under the leadership of Prime Minister Narendra Modi.
On this occasion, the Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, said, “India’s emergence as world’s top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards under the visionary leadership of Prime Minister Narendra Modi. It reinforces India’s position as a global hub for responsible and sustainable ship recycling.”
The Government of India enacted the Recycling of Ships Act, 2019, to develop a ship recycling ecosystem aligned with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), which India ratified in 2019.
The government has provided financial assistance of 53.5 crore to support the modernisation of ship recycling yards, helping 115 facilities become HKC-compliant.
MoPSW 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 ship. The credit note can be utilised toward payment of up to five per cent of the value of a new vessel built at an Indian shipyard, thereby promoting both ship recycling and domestic shipbuilding.
ANI
#GlobalNewLightOfMyanmar