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Context:

• The Union Government will give an additional ₹2,000 crore to States under the Special Assistance for Capital Investment scheme to incentivise them to scrap old vehicles and also provide tax concessions to individuals for it.

Details:

• The Government of India has launched a Scheme Special Assistance to States for Capital Investment for 2022-23.
• Under this Scheme, financial assistance is provided to the States Governments in the form of 50-year interest free loan for capital investment projects.
• The scheme aims to encourage States to undertake capital expenditure.
• A capital project is a long-term, capital-intensive investment to build upon, add to, or improve a capital asset. Capital projects are defined by their large scale and large cost relative to other investments that involve less planning and resources.

https://www.thehindu.com/news/national/centre-earmarks-2000-crore-to-encourage-states-to-scrap-old-vehicles/article66380652.ece#:~:text=individuals%20for%20it.-,The%20government%20in%202022%2D23%20Budget%20had%20introduced%20the%20'Special,free%20loan%20for%20capital%20projects.

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