Approved cabinet note for scrapping old vehicles, policy out soon: Nitin Gadkari

Economy


NEW DELHI: The vehicle scrapping policy will be circulated to concerned ministries, having been approved by the Prime Minister’s Office and the Finance Ministry, Union Minister of Road Transport and highways Nitin Gadkari said.

“I have signed the file for Cabinet note of Scrappage Policy today. The note has already been approved by Finance Ministry. Now it will be circulated to concerned ministries,” Gadkari told reporters on the sidelines of an event here on Thursday.

The policy for discarding old vehicles will be applicable to all automobiles, including two and three wheelers, Gadkari said.

Loading...

Finance Minister Nirmala Sitharaman last month said that the scrapping policy will be announced shortly to check the slump in automobile sales.

Talking about promoting alternative sources of fuel, Gadkari said that he acknowledges the concerns of the Internal Combustion Engine- vehicles industry and will certainly look to help auto manufacturers.

“Our import bill for crude is Rs. 7 lakh crores. So we are promoting ethanol, methanol, bio-CNG and electric. But we are not against petrol and diesel manufacturers. I understand they have some problems, and I want to help them,” Gadkari said.

The government could offer tax incentives for discarding vehicles older than 15 years under the proposed scrappage policy, apart from other measures to disincentivise plying of vehicles older than 15 years.



Source link

Articles You May Like

India revokes anti dumping duty on nylon tyre cord fabric
Huge November gains may make the usual year-end ‘Santa Claus rally’ less likely
india us relations: India, US ink MoU to cooperate on IP examination and protection
Trouble lurks for stock market in December, Credit Suisse warns
Cyber Monday shopping tips to help prevent fraud, identity theft

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...