Chandigarh, Jan 20 (IANS): The Haryana government has notified the Vehicle Scrappage and Recycling Facility Incentive Policy of 2024. The initiative will enable proper disposal and recycling of old vehicles while promoting environmental sustainability through reduction of pollution.
Sharing details, Industries and Commerce Minister Rao Narbir Singh on Monday said after the National Green Tribunal (NGT) fixed the passing limit period of 10 years for old diesel vehicles and 15 years for petrol vehicles in the National Capital Region (NCR), the number of condemned vehicles is continuously increasing and, in view of this the state has taken this decision.
He emphasised this initiative will enable vehicle parts, recycling and reuse, contributing to both environmental protection and economic growth. Vehicle owners will also get financial benefits, and the public will get relief from parking condemned vehicles on roads, streets and other public places, said the minister in a statement.
He said the government plans to implement the policy as an industrial scheme, offering capital subsidies or state GST reimbursement to new industrial units. Under the policy, the Department of Industries and Commerce will develop a 10-year land leasing module through the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), he added.
The minister said the government would provide financial assistance to start-ups, women entrepreneurs, and candidates of the Scheduled Caste category to establish venture capital funds.
Financial assistance up to Rs 20 crore will be provided covering 10 per cent of project costs, excluding land. Complete stamp duty reimbursement is offered in D-category industrial blocks, whilst B and C blocks receive 75 per cent reimbursement.
According to the minister, 50 per cent grant of the project cost will be given for setting up the centre of excellence, which will be up to a maximum of Rs 5 crore. Besides, a grant of Rs 50 lakh will also be given to 10 such industries which provide skills and employment to the youth of the state.