New Delhi: Prime Minister Narendra Modi will address an investor summit in Gujarat on Friday via video conference. Giving further details, the PMO said that the summit will draw focus on the synergies presented by the ship-breaking industry at Alang, for the development of an integrated scrapping hub.Also Read - Delhi-Mumbai Expressway to Fetch Rs 1,000 to 1,500 Crore Revenues Every Month: Nitin Gadkari

Being organised by the Ministry of Road Transport and Highways and the Gujarat government, the Investor Summit will be held to invite investment for setting up vehicle scrapping infrastructure under the Voluntary Vehicle-Fleet Modernization Program or the Vehicle Scrapping Policy. Also Read - Jharkhand: 7 Children Drown In Pond During 'Karma Puja’ Festivities, PM Modi Expresses Grief

Notably, the Investor Summit will be held in Gandhinagar, Gujarat and will see participation from potential investors, industry experts, and central and state governments concerned. Also Read - Land of Afghanistan Should Not Be Used To Spread Terrorism In Any Country: PM Modi at SCO-CSTO Outreach Summit

The Union Minister for Road Transport and Highways and Chief Minister of Gujarat will also be present on the occasion.

The PMO added in a statement that the Vehicle Scrapping Policy is aimed at creating an eco-system for phasing out unfit and polluting vehicles in an environment-friendly and safe manner.

The policy intends to create scrapping infrastructure in the form of automated testing stations and registered vehicle scrapping facilities across the country.

It must be noted that the Vehicle Scrapping Policy was announced by Nitin Gadkari in Lok Sabha in March this year. The policy will boost India’s auto sector from Rs 7.5 lakh crore currently to Rs 10 lakh crore and create 50,000 jobs in the next five years, Gadkari had said earlier.

Gadkari had also stated that there are 51 lakh Ligh Motor Vehicles (LMVs) older than 20 years and 34 lakh are older than 15 years. “There are more than 17 lakh medium and Heavy Motor Vehicles older than 15 years without a valid fitness certificate. These vehicles pollute the atmosphere 10-12 times more than fit vehicles,” he had said.

“In the interest of a clean environment and rider and pedestrian safety, the Ministry of Road Transport and Highways is introducing the Voluntary Vehicle-Fleet Modernization Program (VVMP) or “Vehicle Scrapping Policy” which is aimed at creating an Eco-System for phasing out of Unfit and Polluting Vehicles,” he added.