The much-anticipated Union Budget for the financial year 2022 was announced by Finance Minister Nirmala Sitharaman today. The Budget recommended the Vehicle scrappage policy.
The vehicle scrappage policy encourages the consumers to get rid of the old vehicles that emit higher pollution. The main agenda behind this policy is to tackle air pollution. The consumers, who get new vehicles will receive benefits from the government.
The scrappage policy is applicable for the private vehicles and commercial vehicles in the country which are older than more than twenty years and fifteen years respectively.
The vehicle scrapping policy will come into effect in India from April next year. Before the policy comes into effect, the Ministry of Road, Transport, and Highways (MoRTH) is expected to issue an official statement.
The massive announcement from the Finance Minister will give a major boost to the auto industry as the E-vehicles consumption is expected to be released. The development in turn helps in saving the environment.
It has to be noted that, recently Minister for Road Transport & Highways Nitin Gadkari has proposed a Green Tax policy which costs 10 to 25 % of road tax at the time of renewal of fitness certificate for the vehicles that are older than eight years.
The vehicle scrappage policy encourages the consumers to get rid of the old vehicles that emit higher pollution. The main agenda behind this policy is to tackle air pollution. The consumers, who get new vehicles will receive benefits from the government.
The scrappage policy is applicable for the private vehicles and commercial vehicles in the country which are older than more than twenty years and fifteen years respectively.
The vehicle scrapping policy will come into effect in India from April next year. Before the policy comes into effect, the Ministry of Road, Transport, and Highways (MoRTH) is expected to issue an official statement.
The massive announcement from the Finance Minister will give a major boost to the auto industry as the E-vehicles consumption is expected to be released. The development in turn helps in saving the environment.
It has to be noted that, recently Minister for Road Transport & Highways Nitin Gadkari has proposed a Green Tax policy which costs 10 to 25 % of road tax at the time of renewal of fitness certificate for the vehicles that are older than eight years.