Prime Minister of India Mr.Narendra Modi launched the Vehicle Scrappage Policy today. He said the initiative will promote a circular economy and make the process of economic development more sustainable and environment-friendly.
Vehicle Scrappage Policy will play a major role in the modernization of the vehicular population in India. It will help to remove unfit vehicles from the roads in a scientific manner.
The goal of Clean, Congestion Free and Convenient Mobility is the need of the hour for 21st century India. The new Policy will attract a fresh investment of over Rs 10,000 crores and will create thousands of jobs, the Prime Minister said while virtually launching the initiative during ‘Investors Summit’ organised in Gandhinagar.
The summit, which saw participation of potential investors and industry players, was organized to attract investment for setting up vehicle scrapping infrastructure under the Voluntary Vehicle-Fleet Modernization Programme.
New scrapping policy is an important link in the circular economy of Waste to Wealth, the Prime Minister said.
People having scraping certificate of the old vehicle will not have to pay any money for registration while buying a new vehicle and some exemption in road tax too.
‘It is our effort to reduce dependence on imports with regard to the value chain of auto manufacturing. Active industry participation is needed in ethanol, hydrogen fuel, electric mobility, R&D and infrastructure,’ he added.
The launch of Vehicle Scrappage Policy today is a significant milestone in India’s development journey.