India emerged as the world's leading ship recycling nation in 2025, securing the top global position. According to the latest report of the United Nations Conference on Trade and Development (UNCTAD), India's share in global ship recycling rose from 30.1 percent in 2024 to 35.4 percent in 2025, the highest in the world. Ship recycling in India grew by nearly 60 percent, from 1.86 million gross tons in 2024 to 2.99 million gross tons in 2025. With this achievement, India met the target of becoming the world's leading ship recycling nation under the Maritime India Vision 2030 well ahead of schedule, five years early. Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said the milestone reflects sustained policy reforms, industry efforts and compliance with international environmental and safety standards. To strengthen the sector, the government enacted the Recycling of Ships Act, 2019, aligned with the Hong Kong International Convention (HKC), which India ratified in 2019. It provided Rs 53.5 crore in financial assistance to modernise recycling yards, making 115 facilities HKC-compliant. Under the Ship Recycling Credit Note Scheme, ship owners receive a credit note equal to 40 percent of the scrap value of the recycled ship, usable for up to 5 percent of the price of a new ship built at Indian shipyards. India also aims to nearly double capacity at the Alang Ship Recycling Yard to 9 million Light Displacement Tonnes (LDT). According to BIMCO, over 16,000 ships are expected to be recycled globally in the next decade, positioning India to recycle about 500 to 600 ships annually.