Saturday, September 18, 2021

Watch: PM Modi addresses Investor Summit in Gujarat

Prime Minister Narendra Modi addressed Investor Summit in Gujarat today (13 August 2021) at 11 am via video conferencing. According to a PMO release, the Summit was organized in order to invite investment for setting up vehicle scrapping infrastructure under the Voluntary Vehicle-Fleet Modernization Program or the Vehicle Scrapping Policy.

Union Minister for Road Transport and Highways Nitin Gadkari and Chief Minister of Gujarat Vijay rupani were also present on the occasion.

The summit was organized by the Ministry of Road Transport and Highways and Government of Gujarat, and it saw participation from potential investors, industry experts and also central and state government ministries.

Click on the link below to watch PM Modi addressing Investor Summit in Gujarat – 

The summit also drew focus on the synergies presented by the ship breaking industry at Alang, for development of an integrated scrapping hub.

Highlights of the event:

While launching the National Automobile Scrappage Policy, the Prime Minister said that this policy is going to give a new identity to the auto sector and to the mobility of New India. This policy will play a big role in the modernization of the vehicular population in the country, removing unfit vehicles from the roads in a scientific manner.

The Prime Minister said the new scrapping policy is an important link in the circular economy and in the waste to wealth campaign. This policy also reflects our commitment to reduce pollution from the cities of the country and protect the environment and fast development. This policy by following the principle Reuse, Recycle and Recovery will also promote the country’s self-reliance in the auto sector and in the metal sector. The Policy will  bring in a fresh investment of more than Rs 10 thousand crores and will create thousands of jobs.

The Prime Minister said that while on one hand, India is exploring new possibilities through the Deep Ocean Mission, it is also encouraging a circular economy on the other. He added that the effort is to make development sustainable and environment friendly.

PM said that the general public will benefit greatly from this policy in every way. He then explained benefits of the policy –

First advantage – A certificate will be given on scrapping the old vehicle. Whoever holds this certificate, would not have to pay any money for registration on the purchase of a new vehicle. He will also be given some exemption in road tax.

Second benefit – Maintenance cost, repair cost, fuel efficiency of the old vehicle will also be saved in this.

Third benefit – There will be some relief from the high risk of road accidents due to old vehicles and old technology.

Fourth benefit – It will reduce the harmful impact of pollution on our health.

The Prime Minister lamented the fact that we had to import 23,000 crore worth of scrap steel during the last year as our scrapping is not productive and we are not able to recover energy and rare earth metals.

PM also informed that continuous steps are being taken to make Indian Industry sustainable and productive for speeding the process of Aatmnirbhar Bharat. He emphasized that it is our effort to reduce dependence on imports with regard to the value chain of auto manufacturing.

PM Modi concluded teh address by saying that today’s India is committed to provide global standard safety and quality to its citizens and this thinking is behind the transition from BS-4 to BS6.

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