Scrappage norms will boost new vehicle demand by up to 30%: Gadkari
The Hindu
The recently unveiled automobile scrappage policy will help boost new vehicle demand in the country by about 25-30%, leading to additional GST revenues of about ₹40,000 crore the Centre and a similar
The recently unveiled automobile scrappage policy will help boost new vehicle demand in the country by about 25-30%, leading to additional GST revenues of about ₹40,000 crore the Centre and a similar amount for the State governments put together, Union Road Transport and Highways Minister Nitin Gadkari said on Tuesday. Stressing that the policy was a ‘win-win’ for all stakeholders, including customers, industry and the government, the Minister added that the policy would help India become the top-most auto manufacturing hub in the next five years. “There are about 1 crore end-of-life vehicles in the country… and this data is three years old…People will not buy new vehicle if they don't scrap the older vehicles,” the Minister said.
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