Vehicle scrappage policy in India – All you need to know
The proposed vehicle scrappage policy is aimed to create new demand stimulus in the auto sector which has been facing one of the worst slowdowns.
- Vehicle Scrappage Policy announced in the union budget 2021
- Scheme will apply to 20 years old private vehicles and 15 year old commercial vehicles.
- Details of the scheme will be outlined by the Ministry of Road Transport and Highways.
- The policy will look to phase out older, inefficient and polluting vehicles and in turn promote the use of more environment-friendly vehicles.
- The policy is expect to provide incentives for vehicles owners on there new purchases.
- The policy is likely to be brought into effect from 1st April 2021
- The new policy aim to boost automobile industry
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