India to Offer Incentives to Boost Shipbreaking Industry

India wants to become a leader in ship recycling.

They are offering money, about $454 million over ten years, to encourage ship owners to scrap their old ships in India.

Ship owners will get a credit note worth about 40% of what the ship is worth, which they can use to buy new ships built in India.

This is to compete with Bangladesh, which currently recycles the most ships.

India also plans a new fund for shipbuilding to build its own vessels instead of buying from other countries.