PM Modi launches Vehicle Scrappage Policy, invites start-ups to join Programme

New Delhi, Aug 13: Prime Minister Narendra Modi launched vehicle scrappage policy and said that the policy is a significant milestone in India's development journey. While addressing the Investor Summit in Gujarat on Friday morning, PM Modi invited youth and start-ups to join this programme.

''We're about to enter 75th year of Independence. The next 25 years are very important for the country, from this point onward. 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 at The Investor Summit.

"In two days, we will celebrate our 75th Independence Day, but the next 25 years will also be very important as, during this period, our day-to-day lives will undergo significant changes due to technology," PM Modi said, adding that the government's effort is to make development "sustainable and environment-friendly."

The Vehicle Scrapping Policy is aimed at creating an eco-system for phasing out unfit and polluting vehicles in an environment friendly and safe manner.

Union minister of transport Nitin Gadkari and Gujarat chief minister Vijay Rupani also spoke at the event.

''Around 99% of recovery(metal waste)can be done with regular scrapping. It'll bring down cost of raw material by approx 40%. It'll make components less expensive& increase our competitiveness in int'l market,'' Union Min Nitin Gadkari at launch of National Automobile Scrappage Policy said.

''As per an estimate, with increased sale of automobiles, Govt will get a profit of Rs 30,000-40,000 cr in GST. State Govts will also get a profit of Rs 30,000-40,000 cr in GST,'' he further said.