Discounts on New Vehicles for Scrapping Old Ones Announced by Nitin Gadkari
In a move to promote the Circular Economy and modernize the nation’s vehicle fleet, Nitin Gadkari, the Minister of Road Transport and Highways, has announced that substantial discounts will be available for those who scrap their old vehicles and purchase new ones.
In a move to promote the Circular Economy and modernize the nation’s vehicle fleet, Nitin Gadkari, the Minister of Road Transport and Highways, has announced that substantial discounts will be available for those who scrap their old vehicles and purchase new ones.
Gadkari revealed that various commercial and passenger vehicle manufacturers will offer discounts ranging from 1.5% to 3.5% to buyers who present a valid Certificate of Deposit for their old vehicles. This initiative aims to encourage vehicle owners to replace their outdated, less efficient vehicles with newer models, contributing to a cleaner and safer environment.
The Minister expressed his satisfaction with the response from the auto industry, stating, “I am pleased to report that, in response to my recommendation, several manufacturers have agreed to offer these discounts. This initiative will significantly advance our Circular Economy efforts and ensure that cleaner, safer, and more efficient vehicles are on our roads.”
The move comes as part of a broader effort to enhance the effectiveness of India’s vehicle scrapping policy, which has been in place but has not yet fully achieved its intended impact. The Society of Indian Automobile Manufacturers (SIAM) President, Vinod Aggarwal, had previously urged the government to increase incentives for vehicle scrapping to accelerate the transition to newer, less polluting vehicles.
Aggarwal noted, “We are expecting that the government could do something more on the incentives for the scrapping of vehicles, because the scrappage policy is already in place but we have not seen much impact of that. To give further boost to the scrapping of old polluting vehicles, something needs to be done.”
The introduction of these discounts is expected to provide a significant boost to the vehicle scrapping program, encouraging more vehicle owners to take advantage of the opportunity to upgrade to newer models while contributing to environmental sustainability.
Sources By Agencies
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