+
States to get incentives for scrapping old vehicles
ROADS & HIGHWAYS

States to get incentives for scrapping old vehicles

The Union Finance Minister has included road transport under the scheme for providing special assistance to states for scrapping old vehicles.

State governments will be incentivised for scrapping government vehicles that are older than 15 years, waiver of liabilities on old vehicles, and tax concessions to individuals for scrapping old vehicles.

An amount of Rs 1.07 trillion has been allocated under the scheme and will be provided in the form of 50 year interest free loan for capital projects.

The amount provided to states is over and above the Normal Borrowing Ceiling(NBC). Financial assistance is provided through centre’s budgetary resources.

The amount will be disbursed in eight parts for various purposes like PM Gati Sakthi, PM Gram Sadak Yojana, incentive for digitalization, scrapping old vehicles, etc.

Also Read
CIDCO issues tender for road construction under NAINA project
Madhya Pradesh proposes development of greenfield smart cities

The Union Finance Minister has included road transport under the scheme for providing special assistance to states for scrapping old vehicles. State governments will be incentivised for scrapping government vehicles that are older than 15 years, waiver of liabilities on old vehicles, and tax concessions to individuals for scrapping old vehicles. An amount of Rs 1.07 trillion has been allocated under the scheme and will be provided in the form of 50 year interest free loan for capital projects. The amount provided to states is over and above the Normal Borrowing Ceiling(NBC). Financial assistance is provided through centre’s budgetary resources. The amount will be disbursed in eight parts for various purposes like PM Gati Sakthi, PM Gram Sadak Yojana, incentive for digitalization, scrapping old vehicles, etc. Also Read CIDCO issues tender for road construction under NAINA project Madhya Pradesh proposes development of greenfield smart cities

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code