The National Democratic Alliance government recently approved incorporation of Sagarmala Development Co. (SDC) under the Companies Act, 2013, to boost the shipping sector. The programme has 150 projects categorised into port modernisation, connectivity, port-led industrialisation and coastal community development.
With the government planning to upgrade its ship-breaking yards, the steel industry will also gain in the process. As of July 2016, India received 70 ships for breaking, thereby salvaging 692,689 tonnes of steel.
Source: Hellenic shipping news. 2 August 2016http://www.hellenicshippingnews.com/indias-ship-breaking-industry-needs-a-steely-resolve/