Finance Minister Nirmala Sitharaman on Monday said ship recycling capacity will be doubled by 2024 and efforts are being made to bring more ships from Europe and Japan.
While presenting the Union Budget 2021-22 in Parliament, the Finance Minister said this, in turn, will generate 1.5 lakh jobs.
“Efforts will be made to bring more ships to India from Europe and Japan. Recycling capacity of around 4.5 Million Light Displacement Tonne (LDT) will be doubled by 2024. This is expected to generate an additional 1.5 lakh jobs for our youth,” Sitharaman said.
India has enacted Recycling of Ships Act, 2019 and acceded to the Hong Kong International Convention.
Sitharaman said post-enactment of the law, around 90 ship recycling yards at Alang in Gujarat have already achieved HKC-compliant certificates. Ports, Shipping and Waterways Minister Mansukh Mandaviya has recently said that India aspires to grab at least 50 per cent of the global ship recycling business.
The country’s share in the ship recycling business is around 30 per cent at present.