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News on Indian Economy and Sectors, which have impacts in the market.

 
India and the European Union reaffirm commitment to strengthening cooperation in sustainable ship recycling
02-Jul-26 11:44Hrs IST

India and the European Union have reaffirmed their commitment to strengthening cooperation in sustainable ship recycling, with both sides expressing confidence over the progress made in facilitating the inclusion of Indian ship recycling facilities under the European Union Ship Recycling Regulation (EUSRR). During recent discussions between Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal and European Commissioner for Environment, Water Resilience and a Competitive Circular Economy Jessika Roswall, the two sides reviewed the ongoing audit and compliance process for Indian ship recycling yards seeking recognition under the EU regulatory framework.

The Union Minister said more than 30 Indian ship recycling yards have applied for EU recognition, with six yards currently undergoing the compliance and approval process. Three ship recycling facilities have successfully completed all required compliance procedures and are now eligible to apply for inclusion under the EU Ship Recycling Regulation framework. India has emerged as the world's leading ship recycling nation and is steadily strengthening its position as a global hub for safe, environmentally sustainable and responsible ship recycling, Sarbananda Sonowal noted. According to the latest UN Conference on Trade & Development (UNCTAD) estimates, India's share in worldwide ship recycling increased from 30.1% in 2024 to 35.4% in 2025. The country recycled 2.99 million gross tons (GT) of ships during 2025, registering nearly 60% growth over 1.86 million GT recycled in 2024.

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