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Prime Minister Narendra Modi on Friday launched the national vehicle scrappage policy, adding it will help phase out unfit and polluting vehicles.
The vehicle scrappage policy will bring in investments of around Rs 10,000 crore, he said.
Modi made the remarks in a video address to the Investor Summit in Gujarat. The summit is aimed at getting investment relating to setting up vehicle scrapping infrastructure.
Vehicle scrapping will help phase out unfit and polluting vehicles in an environment-friendly manner, Modi said.
Vehicles will not just be scrapped by their age, but also if they are found to be unfit in automated testing, he said.
“This policy will deeply benefit our middle class,” he said. A certificate will be issued on the scrappage of old cars. It will ensure that these people get discount on buying new cars and benefit on taxes, he added.
We are promoting a circular economy. The aim is to develop a sustainable and environment-friendly economy, Modi said.
Modernity in mobility not only reduces the burden of travel and transportation, but also proves helpful for economic development, he said.
