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Prime Minister Narendra Modi on Friday unveiled the National Automobile Scrappage Policy and said the initiative will promote a circular economy and make the process of economic development more sustainable and environment friendly.
The policy, aimed at recycling old and unfit vehicles, will give a new identity to India’s mobility and auto sector, Mr. Modi said in his address while virtually unveiling the initiative during an ‘Investors Summit’ organised in Gandhinagar.
The summit, which saw the participation of potential investors and industry players, was organised to attract investment for setting up vehicle-scrapping infrastructure under the Voluntary Vehicle Fleet Modernisation Programme, as per an official release. “This policy will play a major role in removing unfit vehicles from our roads in a scientific manner. It will modernise the vehicular population on our city roads,” he added.
Under this policy, people who give their old vehicles for turning them into scrap, will be given a certificate by the government, he said.
People having this certificate will not be charged any registration fee on the purchase of a new vehicle, said Mr. Modi, adding that such vehicle owners will also be entitled for some rebate on road tax.
The policy would attract an investment of Rs. 10,000 crore and create thousands of employment opportunities, he said.
