♦ India has emerged as the world’s leading ship recycling nation in 2025, achieving a key target under the Maritime India Vision (MIV) 2030 five years ahead of schedule, according to the latest report by the United Nations Conference on Trade and Development (UNCTAD).

♦ India’s share of global ship recycling rose to 35.4 percent in 2025 from 30.1 percent in 2024, while the volume of ship recycling increased by nearly 60 percent to 2.99 million gross tons (GT) from 1.86 million GT a year earlier. 

♦ To strengthen the sector, the government enacted the Recycling of Ships Act, 2019, aligning the country’s ship recycling ecosystem with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), which India ratified in 2019.

♦ Financial assistance of Rs 53.5 crore has been provided to modernise ship recycling yards, helping 115 facilities become HKC-compliant.