Technology

National‌ ‌Scrappage‌ ‌Policy‌ ‌to‌ ‌Speed‌ ‌Up‌ ‌Economic‌ ‌Growth‌ ‌

Union Road Transport and Highways Minister Mr Nitin Gadkari said that the national automobile scrappage policy would accelerate economic growth and boost employment. He further said that introduction of the vehicle scrappage policy is beneficial for both the Centre and states. This policy will be earning around Rs.40,000 crore in the form of Goods and Services Tax (GST).

The minister said that the launch of the national automobile scrappage policy was a historic decision. Also, he pointed out that the automobile sector provides direct and indirect employment to 75 lakh persons. 

The minister stated that electric vehicles would become cheaper than petrol and diesel vehicles soon. The minister also stated that he is going to launch electric tractors next month. Also, he said that the policy outlines key steps for facilitating the setting up of necessary Automated Testing Stations (ATS) and Registered Vehicle Scrapping Facilities (RVSF).

The minister said that ATS would be set up to minimise manual testing of vehicles as per the road map. Currently, seven ATS are already functioning out of sanctioned 26 ATS are sanctioned. He added that 75 stations would be set up during the first phase, and in the next phase, the government will scale the number of stations to 450-500.

The national automobile scrappage policy will help phase out unfit and polluting vehicles and promote a circular economy. It is estimated that the scrappage policy would bring investments worth more than Rs.10,000 crore and create around 50,000 jobs.

For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

10 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

10 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

10 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

10 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

10 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

10 months ago