PremiumPrime Minister Narendra Modi will on Friday address investors, hard selling a proposed vehicle scrapping hub in Gujarat.
The event is being held to invite investments for setting up vehicle scrapping infrastructure under the government’s vehicle scrapping policy. It will also showcase the synergies presented by the ship breaking industry at Alang in Gujarat, for development of an integrated scrapping hub, said an official statement.
The event being organised in Gandhinagar by the road transport and highways ministry and the Gujarat government is expected to see participation from potential investors, industry experts, and central and state government officials. Transport minister Nitin Gadkari and Gujarat chief minister Vijay Rupani will also be present on the occasion, the statement said.
Centres’ vehicle scrapping policy aims to create an eco-system for phasing out unfit and polluting vehicles in an environment friendly and safe manner. The policy seeks to create scrapping infrastructure in the form of automated testing stations and registered vehicle scrapping facilities across the country.
The automobile industry expects that the scrapping policy will help in boosting demand for new vehicles. India is pinning hopes on manufacturing and infrastructure sectors to rev up economic growth which took a beating during the pandemic. The government has already lowered the corporate tax rate, restructured customs duties and are offering incentives for setting up factories to help the manufacturing sector. The government is also giving a strong support to electric mobility as it would help reduce fossil fuel consumption and help in achieving a less carbon intensive economy.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!