Business

Automakers To Offer Discounts On New Vehicles For Scrapping Old Ones: Nitin Gadkari

Union Minister Nitin Gadkari announced that vehicle manufacturers will offer discounts on new purchases for buyers who scrap older vehicles with a valid Certificate of Deposit. The decision followed a meeting with CEOs of the Society of Indian Automobile Manufacturers (SIAM).

Gadkari shared on X, “Automakers have agreed to provide discounts for new vehicles against scrapping old ones. This will boost our Circular Economy by promoting cleaner and more efficient vehicles.”

Discounts to Support Vehicle Scrappage Policy

Indian automakers are expected to offer a 1.5-3.5% discount for buyers scrapping their old vehicles. Gadkari praised the industry’s involvement in the Vehicle Fleet Modernisation Programme. He had earlier highlighted the need for 1,000 scrapping centers and 400 automated fitness test centers nationwide.

Prime Minister Narendra Modi launched the National Vehicle Scrappage Policy in August 2021. The policy, effective since April 2022, offers up to a 25% tax rebate on road tax for vehicles bought after scrapping older ones.

Policy to Reduce Pollution and Create Jobs

The scrappage policy mandates fitness tests after 15 years for commercial vehicles and 20 years for personal vehicles. Gadkari emphasized that the policy will help phase out polluting vehicles, create jobs, and turn India into a scrapping hub in South Asia.

Also Read: Indian Equity Markets Close Flat Amid Mixed Global Sentiments

Ajaypal Choudhary

Recent Posts

Salman Khan Greets Fans On Eid from Bullet-Proof Balcony Amid Security Concerns

Salman Khan, latest film Sikandar is receiving rave reviews, made his fans’ Eid special by…

8 hours ago

IMD Warns Of Exceptionally Hot Summer In 2025 With Increased Heatwave Days

The IMD has issued a warning about an exceptionally hot summer ahead, forecasting higher-than-normal temperatures…

8 hours ago

Delhi HC Rules In Favor Of Soldiers; Affirms Right To Disability Pension

The Delhi High Court has upheld the Armed Forces Tribunal’s (AFT) decision to grant disability…

8 hours ago

Delhi High Court Seeks AIIMS, Centre’s Reply On PG Admission Counseling Delay

The Delhi HC has issued a notice to Central Govt and AIIMS over the delay…

9 hours ago

Mumbai Police Visits Kunal Kamra’s Old Address Amid Legal Case Over Parody Song

Mumbai Police visited comedian Kunal Kamra’s residence in connection with a case related to his…

9 hours ago

Court Orders CBI To Unseal Three Floors In UPSC Candidates’ Death Case

The Rouse Avenue Court has ordered the CBI to remove its seal from three floors…

10 hours ago