India is set to bolster its ship recycling industry with plans for new listings and a major upgrade of yards to meet international standards, cementing its position as the global leader ahead of the 2030 target.
India is preparing a fresh push to turn ship recycling into a bigger, more formalised industry, with three domestic shipbreaking firms expected to list on the stock market by October 2026 and another 32 being readied for potential market access, according to government sources cited by CNBC-TV18. The plan is part of a wider effort to scale up capacity, attract investment and align the sector more closely with international environmental and safety norms.
Officials are also working on a 12-month audit of the country’s 115 shipbreaking yards to assess upgrades needed to meet European standards. The yards already comply with the Hong Kong Convention, the sources said, and the government has held several meetings with industry participants, including shipping and steel companies as well as operators in Gujarat’s Alang cluster, which handles almost all of India’s ship recycling activity.
The expansion comes after India cemented its position as the world’s largest ship recycling nation in 2025. Data from the United Nations Conference on Trade and Development, cited by the shipping ministry and reported by several Indian outlets, showed India’s share of the global market rising to 35.4% from 30.1% a year earlier. Ship recycling volumes increased to 2.99 million gross tonnes from 1.86 million gross tonnes, a gain of nearly 60%.
That performance put India ahead of the Maritime India Vision 2030 target for the sector, which had aimed to make the country the global leader in ship recycling by the end of the decade. The government now wants to go further by doubling recycling capacity, with earlier reporting indicating a broader ambition to make Alang a greener, more competitive hub through substantial investment over the next decade. Industry watchers say the drive reflects both India’s rising role in the market and the need to modernise yards as global demand for compliant ship dismantling grows.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
