India became the world's leading ship recycling country in 2025. Ranking first globally, India's share of global ship recycling upsurged to 35.4 per cent in 2025 from 30.1 per cent in 2024, according to the latest data released by the United Nations Conference on Trade and Development (UNCTAD). Ship recycling in India has increased significantly to 2.99 million gross tons (GT) in 2025, rising approximately 60 per cent from 1.86 million GT in 2024. After this milestone, the target set under Maritime India Vision (MIV) 2030 to become the leading ship recycling nation of the world has been achieved well before the schedule. This milestone highlights the success of maritime sector reforms and ease-of-doing-business measures introduced by the Government of India under the leadership of Prime Minister Narendra Modi. In response to the development, the Union Minister of Ports, Shipping &amp; Waterways (MoPSW), Sarbananda Sonowal, said, "India's emergence as the world's top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards under the visionary leadership of Prime Minister Narendra Modi. It reinforces India's position as a global hub for responsible and sustainable ship recycling."&nbsp;Also read: <a href="https://www.wionews.com/trending/nasa-satellite-photo-shows-super-el-ni-o-has-elevated-sea-levels-in-pacific-1782134815575">NASA satellite photo shows Super El Niño has triggered a very specific change in the Pacific</a><h3>Recycling of Ships Act, 2019</h3>To strengthen the ship recycling industry, the government enacted the Recycling of Ships Act, 2019, creating a regulatory framework in line with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, which India ratified in 2019. The Centre has also extended financial support of Rs 53.5 crore for the modernisation of ship recycling facilities, enabling 115 yards to meet HKC standards and improve environmental and safety compliance. In addition, MoPSW initiated the Ship-breaking Credit Note policy, under which ship owners receive a credit note similar to 40 per cent of the scrap value of a recycled ship. This credit can be utilised toward payment of up to 5 per cent of the value of a new vessel designed at an Indian shipyard, for both ship recycling and domestic shipbuilding. MoPSW regularly involves the Gujarat Maritime Board, global shipping companies, the Ship Recycling Industries Association, cash buyers, classification societies and international organisations to figure out challenges implementing targeted solutions. The Indian government is actively going after the inclusion of Indian ship recycling yards in the approved list of recycling facilities of the European Union. Continuous participation with the required officials is underway to facilitate approvals. India is targeting a significant increase in its ship recycling capacity, aiming to raise it to nearly 9 million light displacement tonnes (LDT) through the proposed expansion of the Alang Ship Recycling Yard. To facilitate this growth, the Gujarat government has developed a comprehensive master plan focused on meeting future demand, upgrading infrastructure and strengthening India's position in the global ship recycling industry.

MoPSW launched the Ship-breaking Credit Note policy, allowing ship owners to receive credits worth 40% of a vessel's scrap value. The credit can be used to pay up to 5% of the cost of a new ship built at an Indian shipyard, boosting both ship recycling and domestic shipbuilding.

India became the world's leading ship recycling country in 2025. Ranking first globally, India's share of global ship recycling upsurged to 35.4 per cent in 2025 from 30.1 per cent in 2024, according to the latest data released by the United Nations Conference on Trade and Development (UNCTAD). Ship recycling in India has increased significantly to 2.99 million gross tons (GT) in 2025, rising approximately 60 per cent from 1.86 million GT in 2024. After this milestone, the target set under Maritime India Vision (MIV) 2030 to become the leading ship recycling nation of the world has been achieved well before the schedule. This milestone highlights the success of maritime sector reforms and ease-of-doing-business measures introduced by the Government of India under the leadership of Prime Minister Narendra Modi. In response to the development, the Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal, said, "India's emergence as the world's top ship recycling nation reflects the success of sustained policy reforms, industry efforts and adherence to international environmental and safety standards under the visionary leadership of Prime Minister Narendra Modi. It reinforces India's position as a global hub for responsible and sustainable ship recycling." Also read: NASA satellite photo shows Super El Niño has triggered a very specific change in the Pacific Recycling of Ships Act, 2019 To strengthen the ship recycling industry, the government enacted the Recycling of Ships Act, 2019, creating a regulatory framework in line with the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, which India ratified in 2019. The Centre has also extended financial support of Rs 53.5 crore for the modernisation of ship recycling facilities, enabling 115 yards to meet HKC standards and improve environmental and safety compliance. In addition, MoPSW initiated the Ship-breaking Credit Note policy, under which ship owners receive a credit note similar to 40 per cent of the scrap value of a recycled ship. This credit can be utilised toward payment of up to 5 per cent of the value of a new vessel designed at an Indian shipyard, for both ship recycling and domestic shipbuilding. MoPSW regularly involves the Gujarat Maritime Board, global shipping companies, the Ship Recycling Industries Association, cash buyers, classification societies and international organisations to figure out challenges implementing targeted solutions. The Indian government is actively going after the inclusion of Indian ship recycling yards in the approved list of recycling facilities of the European Union. Continuous participation with the required officials is underway to facilitate approvals. India is targeting a significant increase in its ship recycling capacity, aiming to raise it to nearly 9 million light displacement tonnes (LDT) through the proposed expansion of the Alang Ship Recycling Yard. To facilitate this growth, the Gujarat government has developed a comprehensive master plan focused on meeting future demand, upgrading infrastructure and strengthening India's position in the global ship recycling industry.

MoPSW launched the Ship-breaking Credit Note policy, allowing ship owners to receive credits worth 40% of a vessel's scrap value. The credit can be used to pay up to 5% of the cost of a new ship built at an Indian shipyard, boosting both ship recycling and domestic shipbuilding.

India becomes world's top ship recycling nation, achieves MIV 2030 goal ahead of schedule

A new report finds that the prolonged military operation and long-standing restrictions have driven the economy of the Occupied Palestinian Territory into its most severe contraction on record, wiping out decades of development gains and deepening fiscal and social fragility.

UNCTAD Calls Gaza's Economy Collapse Worst Recorded Crisis

India continues to cement its position as a preferred choice for foreign investors. World Investment Report released by United Nations Conference on Trade and Development (UNCTAD) has revealed that India attracted the third-highest foreign direct investment (FDI) in greenfield -- new --&nbsp;projects in 2022.&nbsp;

The 2023 edition of the World Investment Report said&nbsp;that the total FDI&nbsp;into India soared by 10 percent, from 44.7 billion dollars in 2021 to&nbsp;an impressive $49.3 billion in 2022.&nbsp;

“India and ASEAN were the most buoyant recipients (of foreign investment), with increases of 10 and 5 percent&nbsp;respectively, and strong growth in project announcements,” the report said.&nbsp;

The report further revealed&nbsp;that India was surpassed only by the United States and the United Kingdom, in terms of FDI inflow. This solidifies India’s reputation as a global economy, firmly placing it on the radar of international investors.

India further consolidated its position as a preferred&nbsp;investment destination by securing the second-largest amount of international project&nbsp;finance in 2022.&nbsp;International project financing&nbsp;refers to International lenders who provide&nbsp;debt or equity to develop infrastructure projects across the world.&nbsp;

Nevertheless, the total FDI in 2022 was lower than what was recorded in 2020, amid the Covid-19 pandemic, when India attracted $64 billion of foreign investments.&nbsp;

In another development signifying the rise of&nbsp;Indian businesses&nbsp;on the&nbsp;international stage, Indian multinational companies substantially increased&nbsp;their&nbsp;overseas investments in 2022. The report disclosed that Indian companies' invested&nbsp;about $42 billion in overseas, a three-fold increase in total investments.

“Two of the largest greenfield projects were in renewables, with Acme Group announcing a $13 billion plant in Egypt to produce 2.2 billion tonnes of green hydrogen annually and ReNew Power announcing that it will set up a $8 billion green hydrogen plant in the Suez Canal Economic Zone,” the report said referring to the two leading Indian renewable energy firms.&nbsp;

India continues to cement its position as a preferred choice for foreign investors. World Investment Report released by United Nations Conference on Trade and Development (UNCTAD) has revealed that India attracted the third-highest foreign direct investment (FDI) in greenfield -- new -- projects in 2022.

India continues to cement its position as a preferred choice for foreign investors. World Investment Report released by United Nations Conference on Trade and Development (UNCTAD) has revealed that India attracted the third-highest foreign direct investment (FDI) in greenfield -- new -- projects in 2022. The 2023 edition of the World Investment Report said that the total FDI into India soared by 10 percent, from 44.7 billion dollars in 2021 to an impressive $49.3 billion in 2022. “India and ASEAN were the most buoyant recipients (of foreign investment), with increases of 10 and 5 percent respectively, and strong growth in project announcements,” the report said. The report further revealed that India was surpassed only by the United States and the United Kingdom, in terms of FDI inflow. This solidifies India’s reputation as a global economy, firmly placing it on the radar of international investors. India further consolidated its position as a preferred investment destination by securing the second-largest amount of international project finance in 2022. International project financing refers to International lenders who provide debt or equity to develop infrastructure projects across the world. Nevertheless, the total FDI in 2022 was lower than what was recorded in 2020, amid the Covid-19 pandemic, when India attracted $64 billion of foreign investments. In another development signifying the rise of Indian businesses on the international stage, Indian multinational companies substantially increased their overseas investments in 2022. The report disclosed that Indian companies' invested about $42 billion in overseas, a three-fold increase in total investments. “Two of the largest greenfield projects were in renewables, with Acme Group announcing a $13 billion plant in Egypt to produce 2.2 billion tonnes of green hydrogen annually and ReNew Power announcing that it will set up a $8 billion green hydrogen plant in the Suez Canal Economic Zone,” the report said referring to the two leading Indian renewable energy firms.

India emerges as FDI powerhouse, secures third highest foreign investment in 2022

According to United Nations data, <a href="https://www.wionews.com/world/pandemic-effect-chinas-gdp-slows-to-lowest-in-more-than-four-decades-357401">China</a> has overtaken the United States as the world’s top destination for new foreign direct investment(FDI) in 2020.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/gravitas-chinas-lunar-new-year-challenge-358405/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The United States which was the No-1 destination for foreign direct investment saw the FDI inflow plummet 49 per cent, United Nations Conference on Trade and Development(UNCTAD) figures showed amid the coronavirus pandemic which ravaged the US economy last year.

On the other hand, foreign direct investment in China climbed 4 per cent even the COVID-19 pandemic began in Wuhan last year and spread rapidly throughout the world thereafter.

China attracted $163billion in&nbsp;FDI in 2020 compared to $134bn attracted by the US, UNCTAD informed. The figures were in stark contrast to 2019 when China received $140 billion FDI with the US getting $ 251 billion.

Industrial production in China had grown 2.8 per cent on-year last year and in the last quarter of the year in 2020, the country had recorded 6.5 per cent growth on-year with exports growing as well in December last year.

In fact, China has been one of the few big economies which showed growth last year with its GDP growing 2.3 per cent.

UNCTAD in its report asserted that overall, global foreign direct investment (FDI) dropped dramatically in 2020 falling by 42 per cent with the UK recording a fall of over 100 per cent in FDI in 2020 from $45 billion in 2019 to -$1.3 billion in 2020.

According to United Nations data, China has overtaken the United States as the world’s top destination for new foreign direct investment(FDI) in 2020. Watch: The United States which was the No-1 destination for foreign direct investment saw the FDI inflow plummet 49 per cent, United Nations Conference on Trade and Development(UNCTAD) figures showed amid the coronavirus pandemic which ravaged the US economy last year.

According to United Nations data, China has overtaken the United States as the world’s top destination for new foreign direct investment(FDI) in 2020. Watch: The United States which was the No-1 destination for foreign direct investment saw the FDI inflow plummet 49 per cent, United Nations Conference on Trade and Development(UNCTAD) figures showed amid the coronavirus pandemic which ravaged the US economy last year. On the other hand, foreign direct investment in China climbed 4 per cent even the COVID-19 pandemic began in Wuhan last year and spread rapidly throughout the world thereafter. China attracted $163billion in FDI in 2020 compared to $134bn attracted by the US, UNCTAD informed. The figures were in stark contrast to 2019 when China received $140 billion FDI with the US getting $ 251 billion. Industrial production in China had grown 2.8 per cent on-year last year and in the last quarter of the year in 2020, the country had recorded 6.5 per cent growth on-year with exports growing as well in December last year. In fact, China has been one of the few big economies which showed growth last year with its GDP growing 2.3 per cent. UNCTAD in its report asserted that overall, global foreign direct investment (FDI) dropped dramatically in 2020 falling by 42 per cent with the UK recording a fall of over 100 per cent in FDI in 2020 from $45 billion in 2019 to -$1.3 billion in 2020.

China overtakes US as top FDI destination

Tax evasion and illicit theft of capital is robbing Africa of nearly $89&nbsp;million a year according to a new study by the UN trade and development agency.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/IllicitFinancialFlows?src=hash&amp;ref_src=twsrc%5Etfw">#IllicitFinancialFlows</a> rob Africa of $89 billion each year, says <a href="https://twitter.com/UNCTAD?ref_src=twsrc%5Etfw">@UNCTAD</a>’s Economic Development in Africa Report 2020. 
 
Curbing this capital flight could cut almost in half the continent's <a href="https://twitter.com/hashtag/GlobalGoals?src=hash&amp;ref_src=twsrc%5Etfw">#GlobalGoals</a> financing gap, <a href="https://t.co/55eYKoPfW0">https://t.co/55eYKoPfW0</a> <a href="https://twitter.com/hashtag/UNCTADEDAR?src=hash&amp;ref_src=twsrc%5Etfw">#UNCTADEDAR</a> <a href="https://t.co/8tgkJiNpbc">pic.twitter.com/8tgkJiNpbc</a>
— UNCTAD (@UNCTAD) <a href="https://twitter.com/UNCTAD/status/1310642016716550144?ref_src=twsrc%5Etfw">September 28, 2020</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

According to the estimates published in the study, illegal outflows of capital from Africa totaled over USD 830 billion in the first 15 years of this century, much of it linked to movements of high-value commodities like gold, diamonds, and platinum,&nbsp;straining the ability of the continent's governments to provide services like healthcare, education, and infrastructure.

From 2013 to 2015,&nbsp;such outflows rose to nearly USD 89 billion a year on average. By comparison, the combined total of both official development assistance and foreign direct investment received by Africa during that three-year span averaged USD 102 billion annually.

''Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,''&nbsp;said UNCTAD Secretary-General Mukhisa Kituyi.

The agency said that total illicit capital flight from Africa amounted to USD 836 billion between 2000 and 2015.

The largest component of illicit capital flights from Africa, totaling USD 40 billion in 2015, was related to ''extractive commodities''&nbsp;more than three-fourths of it in gold alone, followed by diamonds and platinum, UNCTAD said. It cautioned the data was incomplete and such figures were likely an underestimate of the true tally.

Illegal capital outflows from three countries:&nbsp;Nigeria, Egypt and South Africa,&nbsp;accounted for more than four-fifths of the total annually during that three-year span, with Nigeria alone making up nearly half of that, according to UNCTAD calculations.

Cracking down on such illegal outflows could help African countries retain capital for investment in roads, railways, schools, and healthcare, the agency said.

UNCTAD said African countries generally aren't doing enough to reform the international tax system in ways that could help, and said local judicial authorities often lack proper tools to combat tax evasion.

Tax evasion and illicit theft of capital is robbing Africa of nearly $89 million a year according to a new study by the UN trade and development agency. #IllicitFinancialFlows rob Africa of $89 billion each year, says @UNCTAD’s Economic Development in Africa Report 2020.

Tax evasion and illicit theft of capital is robbing Africa of nearly $89 million a year according to a new study by the UN trade and development agency. #IllicitFinancialFlows rob Africa of $89 billion each year, says @UNCTAD’s Economic Development in Africa Report 2020. Curbing this capital flight could cut almost in half the continent's #GlobalGoals financing gap, https://t.co/55eYKoPfW0 #UNCTADEDAR pic.twitter.com/8tgkJiNpbc — UNCTAD (@UNCTAD) September 28, 2020 × According to the estimates published in the study, illegal outflows of capital from Africa totaled over USD 830 billion in the first 15 years of this century, much of it linked to movements of high-value commodities like gold, diamonds, and platinum, straining the ability of the continent's governments to provide services like healthcare, education, and infrastructure. From 2013 to 2015, such outflows rose to nearly USD 89 billion a year on average. By comparison, the combined total of both official development assistance and foreign direct investment received by Africa during that three-year span averaged USD 102 billion annually. ''Illicit financial flows rob Africa and its people of their prospects, undermining transparency and accountability and eroding trust in African institutions,'' said UNCTAD Secretary-General Mukhisa Kituyi. The agency said that total illicit capital flight from Africa amounted to USD 836 billion between 2000 and 2015. The largest component of illicit capital flights from Africa, totaling USD 40 billion in 2015, was related to ''extractive commodities'' more than three-fourths of it in gold alone, followed by diamonds and platinum, UNCTAD said. It cautioned the data was incomplete and such figures were likely an underestimate of the true tally. Illegal capital outflows from three countries: Nigeria, Egypt and South Africa, accounted for more than four-fifths of the total annually during that three-year span, with Nigeria alone making up nearly half of that, according to UNCTAD calculations. Cracking down on such illegal outflows could help African countries retain capital for investment in roads, railways, schools, and healthcare, the agency said. UNCTAD said African countries generally aren't doing enough to reform the international tax system in ways that could help, and said local judicial authorities often lack proper tools to combat tax evasion.

Tax evasion and illicit theft robbing Africa of $89 million annually: UN study

Leaving the European Union without a trade deal would cost Britain at least $16 billion in lost EU sales, and probably far more after accounting for indirect effects and other markets, a report by the U.N. trade agency UNCTAD said on Tuesday (September 3).

"No deal" Brexit would cost at least $16 billion in UK sales to the EU – U.N.

Amid the ongoing Facebook data breach scandal, United Nations on Thursday raised concern over the privacy issue and said that most counties are ill-prepared for the digital economy.

Also read: <a href="http://www.wionews.com/india-news/cambridge-analyticas-parent-company-involved-in-honor-killing-cases-in-india-reports-127122">Cambridge Analytica's parent company involved in '</a><a href="http://www.wionews.com/india-news/cambridge-analyticas-parent-company-involved-in-honor-killing-cases-in-india-reports-127122">honor</a><a href="http://www.wionews.com/india-news/cambridge-analyticas-parent-company-involved-in-honor-killing-cases-in-india-reports-127122"> killing' cases in India: Reports</a>

United Nations Conference on Trade and Development -- main agency dealing with the economics of globalisation -- Secretary-General Mukhisa Kituyi said: "The current debate about Facebook and data privacy vividly illustrates that most countries are ill-prepared for the digital economy.”

Also read: <a href="http://www.wionews.com/world/colombia-blocks-app-it-says-possibly-linked-to-cambridge-analytica-126870">Colombia blocks app it says possibly linked to Cambridge Analytica</a>

"This is more worrying given that about 90%&nbspof new Internet users over the last five years live in developing countries about half of which currently lack legislation to protect their privacy," he added.

UNCTAD further said, "the internet user growth is booming and with more people ever purchasing goods and services online, protecting their privacy must be a top priority."

"The digital economy is evolving fast. Between 2012 and 2017, the number of monthly Facebook users surged from 1 billion to 2.2 billion – with the fastest growth happening in developing countries."

The economic agency further mentioned about global e-commerce reaching almost $26 trillion in 2016.

Also read: <a href="http://www.wionews.com/world/chris-wylie-left-in-2014-has-no-direct-knowledge-of-companys-practices-cambridge-analytica-126812">Chris Wylie left in 2014, has no direct knowledge of company's practices: Cambridge Analytica</a>

The United States said to remain the largest market by far, with combined e-commerce sales of some $7.6 trillion, with Japan ranking at second.

The privacy concerns were raised after the reports of UK based data analysis company, Cambridge Analytica assisting in Donald Trump during the 2016 presidential elections came in the light.

The company is facing government search in the London office by US authorities for obtainning Facebook users' data with illegal measures.

Kituyi’s call for increasing security coincides with the agency’s E-Commerce Week in Geneva next month.&nbsp

It is the leading forum for governments, the private sector, development banks, academia and the civil society to discuss development opportunities and challenges before the evolving digital economy.

(With inputs from PTI)

Amid the ongoing Facebook data breach scandal, United Nations on Thursday raised concern over the privacy issue and said that most counties are ill-prepared for the digital economy

Amid the ongoing Facebook data breach scandal, United Nations on Thursday raised concern over the privacy issue and said that most counties are ill-prepared for the digital economy. Also read: Cambridge Analytica's parent company involved in 'honor killing' cases in India: Reports United Nations Conference on Trade and Development -- main agency dealing with the economics of globalisation -- Secretary-General Mukhisa Kituyi said: "The current debate about Facebook and data privacy vividly illustrates that most countries are ill-prepared for the digital economy.” Also read: Colombia blocks app it says possibly linked to Cambridge Analytica "This is more worrying given that about 90%&nbspof new Internet users over the last five years live in developing countries about half of which currently lack legislation to protect their privacy," he added. UNCTAD further said, "the internet user growth is booming and with more people ever purchasing goods and services online, protecting their privacy must be a top priority." "The digital economy is evolving fast. Between 2012 and 2017, the number of monthly Facebook users surged from 1 billion to 2.2 billion – with the fastest growth happening in developing countries." The economic agency further mentioned about global e-commerce reaching almost $26 trillion in 2016. Also read: Chris Wylie left in 2014, has no direct knowledge of company's practices: Cambridge Analytica The United States said to remain the largest market by far, with combined e-commerce sales of some $7.6 trillion, with Japan ranking at second. The privacy concerns were raised after the reports of UK based data analysis company, Cambridge Analytica assisting in Donald Trump during the 2016 presidential elections came in the light. The company is facing government search in the London office by US authorities for obtainning Facebook users' data with illegal measures. Kituyi’s call for increasing security coincides with the agency’s E-Commerce Week in Geneva next month. It is the leading forum for governments, the private sector, development banks, academia and the civil society to discuss development opportunities and challenges before the evolving digital economy. (With inputs from PTI)

Most counties are ill-prepared for the digital economy: UN

unctad

Unctad, News on Unctad, stories on Unctad, articles on Unctad, Unctad stories at Wion, Unctad news, Unctad latest news