Haryana announces industry status for registered vehicle recycling units

This was informed by Amit Agrawal, commissioner and secretary of the industries and commerce department, during the review meeting chaired by Haryana chief minister Nayab Singh Saini

Haryana government on Friday announced that registered vehicle scrapping and recycling units in the state will be granted industry status and a slew of financial incentives.

Under the capital subsidy scheme, both new industrial units and units undertaking expansion will get subsidy on capital investment at prescribed rates. (HT Photo for representation)

This was informed by Amit Agrawal, commissioner and secretary of the industries and commerce department, during the review meeting chaired by Haryana chief minister Nayab Singh Saini. The meeting was held to review the implementation of various incentive schemes under the Haryana Registered Vehicle Scrapping and Recycling Facility Incentive Policy–2024, which aims to promote the vehicle scrapping and recycling sector in the state.

While Haryana industries and commerce minister Rao Narbir Singh joined the meeting via video conference, Amit Agrawal informed the participants that under the policy, registered vehicle scrapping and recycling units will be granted industry status and that they will also become eligible for several financial incentives.

Under the capital subsidy scheme, both new industrial units and units undertaking expansion will get subsidy on capital investment at prescribed rates, which will help in reducing the cost of establishing such industries and encourage greater investment in the state.

Under the park developers scheme, financial assistance will be provided for the development of eco parks and recycling parks, covering a specified share of the project cost excluding land. The policy also provides for reimbursement of stamp duty on purchase or lease of land, which will facilitate the development of modern infrastructure in the sector.