Active Stocks
Fri Jul 12 2024 15:58:30
  1. Tata Steel share price
  2. 168.70 -0.18%
  1. Wipro share price
  2. 560.05 4.81%
  1. ITC share price
  2. 459.00 0.07%
  1. NTPC share price
  2. 377.25 0.00%
  1. Kotak Mahindra Bank share price
  2. 1,830.05 -0.77%
Business News/ Auto News / New scrappage policy for 15-year old vehicles expected soon: Gadkari
BackBack

New scrappage policy for 15-year old vehicles expected soon: Gadkari

The new policy will not only include cars but also trucks and buses that are older than 15 years
  • The minister claimed that the new policy will reduce the prices of automobiles and also help build the nation as an automobile hub
  • Mumbai: Union Minister for Road Transport & Highways and Micro, Small and Medium Enterprises Nitin Gadkari (PTI)Premium
    Mumbai: Union Minister for Road Transport & Highways and Micro, Small and Medium Enterprises Nitin Gadkari (PTI)

    The Union Minister for Road Transport and Highways claimed that the policy to scrap 15-year old vehicles is soon expected to get government nod. The proposal for the amendment to the motor vehicle norms was first introduced in July 2019 in order to expedite the adoption of eclectic vehicles in the country.

    At an Atmanirbhar Bharat Innovation Challenge 2020-21 event the minsiter said, "We have submitted the proposal and I am expecting that we will get approval as early as possible for the scrapping policy."

    The new policy will not only include cars but also trucks and buses that are older than 15 years.

    The minister claimed that the new policy will reduce the prices of automobiles and also help build the nation as an automobile hub. The reduction in prices will be aided by the use of recycled materials from older cars.

    "We will take scrap from all over the world and here we will make an industry where we can use all new material and the cost will be less... industry will be more competitive...we will get more export orders," he added.

    He said the automobile industry's turnover, which is 4.5 lakh crore with 1.45 lakh crore exports, will get a boost.

    Earlier this week, reports suggested that the new policy might feature in the Union Budget for the upcoming fiscal year. Finance Minister Nirmala Sitharaman had claimed that a policy for scrapping of old vehicles "is in the works" and will be announced after ministries concerned "fine tune" it.

    "Scrappage policy is in the works ... I would wait for the concerned ministries also to fine tune everything and tie up the loose ends and then come to a stage where it can be announced by the ministry," Sitharaman had said in an interaction with the media after presenting Budget 2020-21.

    3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

    Catch all the Auto News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Published: 16 Jan 2021, 08:53 PM IST
    Next Story footLogo
    Recommended For You
    Petrochemical Stocks
    ₹9,472.2-0.46%
    ₹5,521.850.29%
    ₹2,698.30.22%
    ₹12,713.25-1%
    ₹1,020.75-0.41%