ECONOMY

Nitin Gadkari’s Voluntary Vehicle Scrappage Policy Key Highlights: ICICI Direct

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Nitin Gadkari, Road Transport and Highways Minister, yesterday in parliament shared a glimpse of the much awaited voluntary scrappage policy. The actual policy draft is expected to be made public over the next few weeks.

The ministry press release states that commercial vehicles beyond 15 years old and that fail to obtain a fitness certificate from automated fitness centres (adhering to global standards), will be de-registered and declared as end of life vehicles.

In case of private vehicles, those over 20 years old, and which fail the testing or re-registration will be declared as end of life vehicles.

Voluntary scrappage policy or Voluntary Vehicle-Fleet Modernization Programme is aimed at curbing pollution, replacing the existing fleet of less fuel efficient vehicles and increasing road safety.

Click on the attachment to read the full report:

ICICI Direct Auto Sector Update.pdf

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