Shri Nitin Gadkari, Hon’ble Minister, Road Transport and Highways, said on 5th Sept’20, that the much-awaited vehicle scrappage policy is in its final stages of approval. The Union Minister while addressing the 60th annual session of the Automotive Component Manufacturers Association of India (ACMA) said the policy could be rolled out within a month.
Shri Gadkari reiterated that India has the potential to become a hub for automotive manufacturing globally in the next five years. Urging the auto industry stakeholders to reduce import dependency, the Union Minister said the government plans to increase import duties on certain imported parts in the near future.
Note: The much-awaited scrappage policy has been in discussion for sometime, as the deadlock over incentives between the government and industry request does not seem to end.