The launch of Vehicle Scrappage Policy today, Know the benefits?

“The launch of Vehicle Scrappage Policy today is a significant milestone in India’s development journey. The Investor Summit in Gujarat for setting up vehicle scrapping infrastructure opens a new range of possibilities. I would request our youth & start-ups to join this programme.

Vehicle scrapping will help phase out unfit & polluting vehicles in an environment friendly manner. Our aim is to create a viable #circulareconomy & bring value for all stakeholders while being environmentally responsible.”

PM Modi said that India had to import scrap steel worth about Rs 23 thousand crore last year. The scrapping that is happening in India till now is not productive, which leads to negligible energy recovery. Precious metal recovery is not possible at present. In such a situation, scraping based on scientific technology will be beneficial.

While launching the National Scraping Policy, PM Modi said that this will also strengthen the self-reliant India. He said that the value chain associated with auto manufacturing needs to be dependent on imports at least. In such a situation, companies should have a complete roadmap for the coming 25 years. The old practice will have to be changed and in doing so, all possible help will be given to the automobile companies by the government.

How will people benefit from the new scrap policy?

Under the new policy, there will be a 5% discount on showing the scrapping certificate while buying a new vehicle. On scrapping the car, 4-6 percent of the price will be given to the owner. Along with this, the registration fee will be waived off at the time of registration of a new vehicle.