- 7 hrs ago Royal Enfield Introduces ‘Make It Yours’ Riding Jackets; Available Soon At Dealership Level
- 9 hrs ago Tata Punch Reaches Dealerships Before Its Official Launch; Tata Bets Big On Punch
- 14 hrs ago Yamaha Aerox 155 Launch Tomorrow; Powered By Yamaha’s Liquid-Cooled Engine From R15
- 1 day ago MG Astor First Look Review — The Most Advanced MG Yet Is Quite Impressive
- Technology Flipkart The Big Billion Days Sale 2021: Samsung, Realme, Poco, And More Mobile Brands Discount Reveling Dates
- News Engaging with India over recognising Covidshield vaccine certificate: UK
- Movies KBC 13: Can You Answer The Rs 25 Lakh Question That Stumped Pankaj Kumar Singh On Amitabh Bachchan’s Show?
- Finance 2 Major Reasons Why Nifty Metal Sank 7% Today
- Sports England pulls out of Pakistan tour just days after New Zealand abandon series
- Travel Pitru Paksha 2021: Important Places For Pind Daan In India
- Lifestyle Jacqueline Fernandez poses in floral print lehenga for The Kapil Sharma Show
- Education KCET Result 2021 Declared, Check KCET 2021 Direct Link And Other Details Here
Finance Minister, Nirmala Sitharaman has announced a new Vehicle Scrappage Policy during her presentation of the Union Budget 2021.
In her speech, Nirmala Sitharaman stated that the new vehicle scrappage policy will phase out all old and unfit vehicles. The new policy will also improve sales and manufacturing of more fuel-efficient and environment-friendly vehicles, while also cutting down on the country's import bills.
The Finance Minister also stated that the new vehicle scrappage policy will be based on the fitness tests of both personal and commercial vehicles. The new policy once implemented will encourage scrapping personal vehicles older than 20 years. Similarly, the life of commercial vehicles in the country will now be set for 15 years.
Owners of such vehicles are said to receive a compensation/incentive to replace their old vehicles with new ones. This will in turn, not only help reduce pollution, but also boost vehicle manufacturing in the country.
MoRTH recently approved the vehicle scrappage policy for government-owned vehicles. As per the new policy, all central and state-owned government vehicles older than 15-years will be scrapped. The policy for government vehicles was approved on 25 January and will be implemented from 1 April 2022.
The full details/specifics of the new vehicle scrappage policy will be announced by the Ministry of Road Transport & Highways (MoRTH) soon. The Finance Minister also announced a new voluntary vehicle scrappage policy, the details of which will also be announced at a slightly later stage.
Thoughts On The New Vehicle Scrappage Policy Announced At The Union Budget 2021
The announcement of the much-anticipated vehicle scrappage policy comes as good news for the auto industry. The scrapping of 15 and 20-year old vehicles, will encourage owners to purchase newer vehicles, boosting manufacturing, while reducing pollution levels as well.