Shipbreaking showdown: India's $500m scheme aims to dethrone Bangladesh

In a strategic move to dominate the global ship recycling industry, India’s Modi government is finalising a Rs 4,000 crore ($500 million) incentive package aimed squarely at capturing Bangladesh’s commanding 46 per cent share of the global shipbreaking market. According to The Economic Times, citing government sources, the Indian cabinet is expected to approve the plan by the end of September. The scheme, set to roll out in 2026 and run for 10 years, offers shipowners a credit note worth 40 per cent of a vessel’s scrap value if they dismantle their ships at Indian yards. These credits can be redeemed to purchase new Indian-built ships within three years, or traded/sold in bundles, creating a flexible financial instrument to lure...