Investor Summit 2021: PM Modi launches National Automobile Scrappage Policy

National Automobile Scrappage Policy will make the auto components less expensive and increase competitiveness in the international market. 

Created On: Aug 13, 2021 12:48 IST
PM Modi at Investor Summit
PM Modi at Investor Summit

Prime Minister Narendra Modi launched National Automobile Scrappage Policy through video conferencing during the Investor Summit in Gujarat on August 13, 2021. 

Union Minister Nitin Gadkari stated during the launch of the policy that around 99 percent of recovery of metal waste can be done with regular scrapping. He said that it will bring down the cost of raw material by approx 40 percent. 

He said that it will make the components less expensive and increase competitiveness in the international market. He added saying that with increased sales of automobiles, the government will get a profit of Rs 30,000-40,000 cr in GST. 

The Minister said that the state government will also get a profit of Rs 30,000-40,000 cr in GST.

PM Modi at Investor Summit 

Prime Minister Narendra Modi said while addressing the event that the manner in which technology is changing, be it our lifestyle or our economy, there will be a lot of changes in both of them. He said that amid these changes, it is important to protect our environment, our land, our resources, our raw material.

The Prime Minister said that we are about to enter the 75th year of Independence and the next 25 years are very important for the country. He said "in these 25 years, changes are going to take place in our way of working, in our daily lives, in our businesses."

PM Modi said that the effort is to make development a sustainable one, an environment-friendly one. He said, "we are experiencing the challenges of climate change. So, in the interest of its citizens, India has to take major steps."

PM Modi stated that we can work on technology and innovation in the future but the natural resources we get from mother earth are not in our hands. "So, on one hand, India is looking for new possibilities through Deep Ocean Mission & on the other hand, it is also encouraging Circular Economy," PM Modi said. 

Investor Summit: Key Highlights

•The Investor Summit was organized  by the Gujarat government and the Ministry of Road Transport and Highways to attract investment to set up vehicle scrapping infrastructure under the Vehicle Scrapping Policy, as per the notification released by Prime Minister's Office (PMO).

•The Investor Summit is expected to draw focus on the synergies presented by the ship-breaking industry at Alang, for the development of an integrated scrapping hub

•It saw participation from potential investors, industry experts and concerned central and state government ministries.

About Vehicle Scrapping Policy 

•The Vehicle Scrapping Policy has been introduced to create an eco-system to phase out old, unfit and polluting vehicles in an environmentally friendly and safe manner. 

•The policy aims to bring transformational change in the automobile sector by reducing vehicular emissions of pollutants. The policy was first announced by Union Finance Minister Nirmala Sitharaman on February 1, 2021 during her budget speech at the Parliament. 

•Under the policy, all personal vehicles will have to undergo fitness tests in automated centres after 20 years while commercial vehicles will have to undergo the fitness test after 15 years. 

Vehicle Scrapping Policy: Objective 

The main objective of the Vehicle Scrapping Policy is to phase out vehicles older than 15 or 20 years to reduce urban pollution levels. The private vehicles will be de-registered after 20 years under the policy if found unfit and commercial vehicles will be de-registered after 15 years if they fail to meet the fitness requirement.

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप


Related Stories

Comment (0)

Post Comment

9 + 6 =
Disclaimer: Comments will be moderated by Jagranjosh editorial team. Comments that are abusive, personal, incendiary or irrelevant will not be published. Please use a genuine email ID and provide your name, to avoid rejection.

    Monthly Current Affairs PDF

    • Current Affairs PDF November 2021
    • Current Affairs PDF October 2021
    • Current Affairs PDF September 2021
    • Current Affairs PDF August 2021
    • Current Affairs PDF July 2021
    • Current Affairs PDF June 2021
    View all

    Monthly Current Affairs Quiz PDF

    • Current Affairs Quiz PDF November 2021
    • Current Affairs Quiz PDF October 2021
    • Current Affairs Quiz PDF September 2021
    • Current Affairs Quiz PDF August 2021
    • Current Affairs Quiz PDF July 2021
    • Current Affairs Quiz PDF June 2021
    View all