NEW POLICY TO SCRAP OLD VEHICLES

  • Old vehicles of the Union and state governments would be scrapped under the vehicle scrapping policy. He also said the government has made a provision of ₹3,000 crore in the 2023-24 budget to encourage vehicle scrapping.
  • Vehicle scrapping policy is an important part of the green growth strategy.

 ‘Green growth is one of the seven top priorities of Budget 2023-24’

  • Asserting that the increase in production of renewable energy; reducing the use of fossil fuel in the economy; and rapidly moving towards a gas-based economy in the country are “three pillars for green growth and energy transmission”, various provisions of the budget that will help stakeholders including starts-up and MSMEs tap the potential in various fields ranging from waste to energy, green hydrogen, energy storage and gas-based economic activities to the multi-crore vehicle scrapping sector.
  • “This budget is not only an opportunity, but it also contains the guarantee of our future security”, urged stakeholders to act quickly to implement all its provisions.
  • Green growth is one of the seven top priorities of Budget 2023-24 for ushering in industrial and economic transition, environmentally friendly agriculture and sustainable energy in the country.
  • It has envisaged a number of projects and initiatives spread across various sectors, ranging from green hydrogen mission, energy storage projects, green credit programme and vehicle replacement to PM-PRANAM (promote alternative fertilisers and balanced uses of chemical fertilisers), MISHTI (protecting mangroves), wetland conservation and GOBARdhan (bio-gas) scheme.
  • “India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014.
  • The country’s track record shows its capability to achieve the objectives before time when it comes to renewable energy resources.
  • Asserting that the increase in production of renewable energy; reducing the use of fossil fuel in the economy; and rapidly moving towards a gas-based economy in the country are “three pillars for green growth and energy transmission”, flagged various provisions of the budget that will help stakeholders including starts-up and MSMEs tap the potential in various fields ranging from waste to energy, green hydrogen, energy storage and gas-based economic activities to the multi-crore vehicle scrapping sector.
  • “This budget is not only an opportunity, but it also contains the guarantee of our future security”, the Prime Minister said as he urged stakeholders to act quickly to implement all its provisions.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB

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