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Owing to the severe impact on the overall sales of automobiles in India, following the spread of Covid-19 pandemic, the Indian automotive sector is pinning its hopes on the long-awaited Vehicle Scrappage Policy to spur the growth of the sector. While the policy is expected to be before the Union Cabinet for approval, industry experts believe that the benefits of the policy can only be achieved by incentivizing purchase of new vehicles in exchange for scrapping older ones. However, despit...
Vehicle recycling centers await clarity on scrappage policy
By 2025, the number of end-of-life vehicles (ELVs) is expected to increase by a whopping 250 percent and is touted to be over 21.8 million from 8.7 million ELVs that were reported in 2015. Despite a constant rise in these numbers, India, currently lacks presence of formal vehicle recycling centers, and continues to be completely dependent on smaller, semi-formal units that are known to deploy unhealthy methods of dismantling and recycling of vehicles. As the number of ELVs is expected to incr...
Govt’s vehicle scrappage policy promises plenty
Close to two months after Union finance minister, Nirmala Sitharaman announced the Vehicle Scrappage policy, the government has now spelt out the broad framework of the policy. Making a suo moto statement in parliament, the Union Minister of Road Transport & Highways (MoRTH), Nitin Gadkari, said his ministry would be introducing the Voluntary Vehicle-Fleet Modernization Program or “Vehicle Scrappage Policy” which is aimed at creating an ecosyste...
