PM Modi addresses Investor Summit in Gujarat, launches vehicle Scrappage Policy

Prime Minister Narendra Modi has formally launched National Automobile Scrappage Policy and Investors Summit for setting up Vehicle Scrapping Infrastructure through video conferencing at Gandhinagar in Gujarat. Addressing the summit, Mr. Modi said that the launch of Vehicle Scrappage Policy is a significant milestone in India's development journey.

He said that the new National Automobile Scrappage Policy will give a new dimension to our mobility with a new identity to our automobile industry. He said that scrapping the vehicles in a scientific manner will not only remove the unfit vehicles in the country but also give a boost to the economy.

He said that this is the right time to move forward with the aim of clean, congestion free and convenient mobility. He said the new policy reflects our commitment to achieve fast growth along with reducing pollution and protecting the environment in our cities. He said that at one end, India is searching for new possibilities through deep ocean mission, while at the other end we are also promoting a circular economy. He said we are trying for sustainable and environment friendly development.

Prime Minister Modi said to give impetus to self-reliant India; continuous steps are being taken to make the industry sustainable and productive in India. He said it is our endeavor to become less dependent on imports for the value chain associated with auto manufacturing. He said that active participation of the industry is very important in the government priorities like ethanol, hydrogen fuel or electric mobility. He appealed to the industry to increase its share from research and development for setting up the necessary infrastructure. He said the government is ready to provide all possible help in this direction.

Mr. Modi said normal families will be greatly benefited by this policy in every way. He said the first advantage will be that 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. Along with this, they will also get some exemption in road tax. Apart from this, the people will save their money from maintenance cost, repair cost, fuel efficiency of the old vehicle. He said the other benefit is directly related to people's lives. Due to old vehicles and old technology, the risk of road accidents is very high, which will be reduced. Similarly, it will also reduce the impact on our health due to pollution.

The Prime Minister said the new scrapping policy is an important link in the circular economy and in the waste to wealth campaign. Prime Minister Modi said that the new policy will attract the investment of around 10 thousand crore rupees along with thousands of new employment. He termed this new policy as a waste to wealth in the direction of a circular economy.

Addressing the Investors Summit in Gandhinagar, the Union Minister for Road, Transport and Highways Nitin Gadkari thanked Prime Minister Modi for launching the National Automobile Scrappage Policy. He said that automobile sales will increase following the new policy, which will add 30 to 40 thousand crore rupees in GST collections of Centre and States. He said that our aim is to make India the Scraping Hub of SouthEast Asia through this policy.

Speaking on this occasion, Gujarat Chief Minister Vijay Rupani said the state government has already launched its electric vehicle policy and series of other steps to make Gujarat the Automobile hub of India. Six Memorandum of Understanding - MoUs have been signed with various Automobile manufacturers on this occasion.