The voluntary vehicle scrapping policy was announced by Union Finance Minister Nirmala Sitharaman in her Union Budget 2021-22 speech on Monday (February 1, 2021). Road Transport, Highways and MSMEs Minister Nitin Gadkari welcomed the policy saying it will lead to a new investment of around Rs 10,000 crore and create as many as 50,000 jobs. This will be done with the aim of phasing out old and polluting vehicles.
Gadkari also said that the policy would cover over 1 crore light, medium and heavy motor vehicles and that the finer details of the policy will be unveiled within 15 days.
“The policy would cover an estimated 51 lakh light motor vehicles (LMVs) that are above 20 years of age, while another 34 lakh LMVs are above 15 years. It would also cover 17 lakh medium and heavy motor vehicles, which are above 15 years, and currently without valid fitness certificates,” Gadkari said.
The policy would cover an estimated 51 lakh light motor vehicles (LMV) that are above…