Vehicle Scrapping Policy

Union Minister of State for Environment Ashwini Kumar Choubey on Sunday said the government has taken various steps to bring down pollution and will soon bring out a policy on the scrapping of private vehicles aged more than 15 years. He was addressing reporters at 'Meet the Press' in Nagpur. A policy is already in place for scrapping old government vehicles. Replying to a query on whether a similar policy will be brought for private vehicles older than 15 years, Choubey said, "A high-level joint meeting of the Ministry of Environment and nine other departments was held recently. The government is working on a policy to encourage private vehicles older than 15 years to go for scrapping after getting a (vehicle) health certificate. "The government will give a 25 per cent rebate on the purchase of new vehicles (to those) having the scrap certificates. Besides, new vehicles will be registered free," he added. Describing the proposed move as a "revolutionary step", the minister said .

In a bid to curb pollution, the Uttar Pradesh Cabinet has approved old vehicle scrapping policy for the state, State Transport Minister Dayashankar Singh told media persons on Friday

The government is working towards making India a global automobile manufacturing hub and the domestic industry is expected to be worth Rs 15 lakh crore in the near term, Union Minister Nitin Gadkari said on Tuesday. Virtually inaugurating Tata Motor's vehicle scrapping facility in Jaipur, Gadkari said the automobile sector currently contributes to 7.1 per cent of the nation's GDP with the industry size at around Rs 7.8 lakh crore. "The auto sector gives direct and indirect employment to around 4 crore people and this number is expected to grow to 5 crore by 2025. I am working with a target to make India number one global automobile manufacturing hub and to take its size to Rs 15 lakh crore in the near future," he noted. Gadkari noted that the scrappage policy enables removal of older and unfit vehicles and introduction of new lesser polluting vehicles in a phased manner. "It is estimated that the automotive demand generated by the scrapping policy will lead to additional GST revenu

Auto component replacement demand is estimated to grow 6-8 per cent in the next fiscal driven by factors such as the increase in mobility and healthy freight movement, among others, a report stated on Friday. The improvement in demand has resulted in a positive impact on cash flows for aftermarket dealers and garages while the liquidity remains comfortable, credit ratings agency Icra said in the report. Also, there have been relatively minimal issues in the collection of receivables, as per the report. Icra also said that while the medium-term demand prospects are favourable, EV adoption, implementation of scrappage policy, component lifetime elongation, and possible increased use of public transport vis--vis private vehicles could cap the growth. The aftermarket segment constitutes around a fifth of the overall demand and remains a vital cog in the Indian auto component industry, it said. The average age of medium and heavy commercial vehicles had increased to almost 10 years, wh

The Ministry of Road Transport and Highways (MoRTH) on Wednesday said 11 states/UTs have been onboarded onto the National Single Window System (NSWS) for Voluntary Vehicle-Fleet Modernization Program (V-VMP) to attract private investment in the vehicle scrapping ecosystem. The ministry, in a statement, further said as on November 14, 2022, applications of 117 investors who have shown interest for Registered Vehicle Scrapping Facilities (RVSF) are under process, out of which 36 applications have been approved by the respective state governments. Gujarat, Uttar Pradesh, Karnataka, Andhra Pradesh, Odisha, Madhya Pradesh, Rajasthan, Assam, Goa, Uttarakhand, and Chandigarh have been onboarded to NSWS for V-VMP, the statement added. The vehicle scrappage policy (V-VMP) has come into effect from April 1, 2022. Announced in the Union Budget 2021-22, the policy provides for fitness tests after 20 years for personal vehicles, while commercial vehicles will require it after the completion of

The Odisha Cabinet chaired by Chief Minister Naveen Patnaik approved Registered Vehicle Scrapping Facility Policy-2022 to phase out old vehicles from the roads

Union transport minister Nitin Gadkari has said that state govts have been told to scrap 15-year-old vehicles plying on the roads

Nitin Gadkari says people opting for scrapping should get a discount on new vehicles

Some 57 per cent of 10,543 vehicle owners surveyed by LocalCircles say whether a car should be removed from service or not should depend on miles on the odometer rather than age

According to the statement, Gadkari said that the biggest benefit from this policy will be that copper, steel, aluminum, rubber and plastic will be easily available

Analysis shows that four states/Union Territories account for 57 per cent of the older vehicles in the country

The scrappage policy will be one of the key factors to control pollution and create jobs, Union Minister Gadkari said

The policy is expected to attract investments worth Rs 10,000 crore to set up 450-500 automated testing stations (ATS) and 60-70 registered vehicle scrapping facilities (RVSF) across the country

It was a busy weekend for the auto sector with the government notifying vehicle scrappage policy and Ola launching an e-scooter. Here's how you should trade auto stocks in this backdrop

Tata Motors, Mahindra and Mahindra (M&M) and Maruti Suzuki have partnerships for scrapping vehicles

The eco-system is critical for policy on scrapping

The move, however, doesn't bring an immediate cheer to the pandemic-bruised auto industry

Modi also said that a scrapping certificate would be issued for a vehicle, based on which there would be no registration fees required for the new vehicle purchase as part of the policy.

French carmaker Renault on Friday said the launch of the vehicle scrappage policy will usher in enhanced investments into the auto industry and also help in cutting down the raw material cost

Prime Minister Modi launched vehicle scrappage policy and said that the policy is a significant milestone in India's development journey