New Delhi: Several leading commercial and passenger vehicle manufacturers have agreed to offer discounts on new vehicle purchases against scrapped old vehicles ahead of the festival season, according to an official statement on Tuesday. The statement further said this initiative is a significant step forward in advancing India’s circular economy, promoting the use of cleaner, safer, and more efficient vehicles.
Union Road Transport and Highways Minister Nitin Gadkari on Tuesday chaired a meeting with the Society of Indian Automobile Manufacturers (SIAM) delegation, where he addressed pressing issues in the automobile industry.
“During this interaction, responding positively to the advice of Hon’ble Minister RT&H and recognising the importance of Fleet Modernisation and Circular Economy, multiple Commercial Vehicle Manufacturers and multiple passenger vehicle manufacturers have agreed to offer discounts for a limited period against a certificate of deposit (Scrappage Certificate),” the statement said.
It said commercial vehicle manufacturers are willing to offer discounts for a limited period of two years and passenger vehicle manufacturers are willing to offer discounts for a limited period of one year.
The statement noted that these discounts will further incentivise the scrapping of vehicles, thereby ensuring the plying of safer, cleaner, and more efficient vehicles on the roads.