Vehicle Scrappage Policy will play a big role in the modernization of the vehicular population in the country, removing unfit vehicles from the roads in a scientific manner, said Prime Minister Narendra Modi while addressing the Investor Summit in Gujarat via video conference.

Here is all you need to know about National Automobile Scrappage Policy:

This policy will follow the principle Reuse, Recycle and Recovery will also promote the country's self-reliance in the auto sector and in the metal sector.

The policy will bring in a fresh investment of more than ₹10 thousand crores and will create thousands of jobs," according to Prime Minister Narendra Modi.

 A certificate will be given on scrapping the old vehicle. Whoever has this certificate will not have to pay any money for registration on the purchase of a new vehicle.

Vehicles will be scientifically tested through authorized, automated testing centres. Unfit vehicles will be scrapped scientifically.

The maintenance cost, repair cost, fuel efficiency of the old vehicle will also be saved in this.

The policy will play a key role in 'Waste to Wealth' programme, Modi said, adding it will also help in reducing pollution in our cities.

A circular economy is one where products are designed for durability, reuse and recyclability. The policy will give a new identity to India in the mobility and auto sector, Modi said.

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