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13/08/21 01:05 AM IST

Investor Summit in Gujarat

In News 

  • Prime Minister Shri Narendra Modi addressed the Investor Summit in Gujarat via video conference.
  • The Summit is being organized to invite investment for setting up vehicle scrapping infrastructure under the Voluntary Vehicle-Fleet Modernization Program or the Vehicle Scrapping Policy.
  • It will also draw focus on the synergies presented by the ship breaking industry at Alang, for development of an integrated scrapping hub. 
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. 
Source- The Hindu 

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