New Delhi: Prime Minister Narendra Modi on Friday launched a new vehicle scrappage policy, and said it has potential to bring investment of over Rs 10,000 crore.
The Prime Minister launched the National Automobile Scrappage Policy at the Investor Summit in Gujarat. Mr Modi addressed the summit via video conference.
The summit is being organised to invite investment for setting up vehicle scrapping infrastructure under the Voluntary Vehicle-Fleet Modernization Program or the Vehicle Scrapping Policy.
The Prime Minister said the new scrapping policy is an important link in the circular economy and in the waste to wealth campaign. This policy also reflects India's commitment to reduce pollution from the cities of the country and protect the environment and fast development.
"This policy by following 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 Rs 10,000 crore and will create thousands of jobs," the Prime Minister said.
“Our aim is to create a viable circular economy and bring value for all stakeholders while being environmentally responsible, ' said the Prime Minister in a series of tweets before the event.
The policy was first announced in the Union Budget 2021 by Finance minister Nirmala Sitharaman.
The new scrappage policy is voluntary, and requires mandatory fitness tests for vehicles after certain duration. (UNI)