August 27, 2024 04:04 PM IST
Major auto companies will offer a discount of 1.5-3.5% to buyers who purchase new vehicles by selling old vehicles, thereby promoting circular economy efforts.
Road Transport and Highways Minister Nitin Gadkari said many commercial and passenger vehicle manufacturers will offer discounts on purchase of new vehicles in exchange for scrapping old vehicles with a valid deposit certificate.
He said, “I am happy to inform that in response to my recommendation, several commercial and passenger vehicle manufacturers have agreed to offer discounts on purchase of new vehicles in exchange for scrapping of old vehicles with a valid certificate of deposit. This initiative will significantly advance our circular economy efforts, ensuring that we have cleaner, safer and more efficient vehicles on our roads.”
According to a report by Times of India, due to this, auto companies may offer a discount of 1.5-3.5 per cent to buyers who will sell their old vehicles and purchase a new vehicle.
Earlier, SIAM President Vinod Agarwal had said, “We hope that the government can do something more on incentives for scrapping of vehicles, as the scrapping policy is already in place, but we have not seen much impact of it.”
“So, to further promote the removal of old polluting vehicles, I think something should be done,” he said.