Login With Google
Global ship recycling business
Why is it in the news?
- With a new legislation in place, India eyes to garner at least 60 per cent of the global ship recycling business and emerge as a key destination for recycling warships and other ships.
More in the news
- According to Mandaviya, Gujarat's Alang, the world's biggest shipyard, is ready to cater to 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.
- However, countries like Japan, Europe and the US 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 facilitating environment friendly recycling process of ships and adequate safety of the yard workers.
Source
The Hindu.