India aims to garner at least 60% of the global ship recycling business with new legislation in place, reports The Hindu.
Key destination for recycling
Union Minister Mansukh Lal Mandaviya said, with new legislation in place, India aims to garner at least 60% of the global ship recycling business and emerge as a key destination for recycling warships and other ships.
Raise in GDP
Holding the independent charge of the Shipping Ministry, Mr. Mandaviya also exuded confidence that contribution from ship recycling activities to the country’s GDP would reach $2.2 billion, almost double compared to the current level.
According to Mr. Mandaviya, Gujarat’s Alang, the world’s biggest shipyard, was ready to cater to the projected increase in the number of ships for recycling.
Currently, India recycles around 300 of the 1,000 ships which are demolished per annum globally.
Change in Recycling of Ships Act, 2019
However, the likes of Japan, the United States and Europe were not sending their ships for recycling to India in the absence of ratification of a global convention. That scenario is set to change with the Recycling of Ships Act, 2019.
The Act ratifies the Hong Kong convention and would facilitate an environment-friendly process of recycling ships and adequate safety for yard workers.
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Source: The Hindu