India will soon pay you to scrap your old ship
India is set to introduce a ₹40 billion (₹4,000 crore) Shipbreaking Credit Note scheme, kicking off in 2026.
If you scrap your old ship at an Indian yard, you'll get credit notes worth 40% of its scrap value—usable for buying new ships made in India within three years (and yes, you can trade them).
It's all about making Indian yards more attractive than rivals in Bangladesh and Pakistan, who've been leading the game lately.
India's shipbuilding ambitions
This move is part of a bigger push: India wants to be a top-five shipbuilding nation by 2047.
Alongside this scheme, there are fresh subsidies for eco-friendly vessels, new shipbuilding clusters with rent holidays, and a massive ₹25,000 crore fund to modernize the industry.
For anyone into global trade or green tech—or just curious about how India plans to shape its future—this is worth keeping an eye on.