On August 27, Nitin Gadkari, the Minister of Road Transport & Highways, said that car and truck makers will give discounts to people who trade in their old vehicles for new ones, as long as they have a valid Certificate of Deposit. This is part of a plan to help modernize vehicles and make roads safer and cleaner.
Gadkari spoke about this at a meeting with car industry leaders in New Delhi. He praised those who joined the program and said it will help promote a Circular Economy by getting older, less efficient vehicles off the road.
According to reports, buyers who scrap their old vehicles might get discounts of 1.5% to 3.5% on new ones. Some luxury car brands might offer discounts up to Rs 25,000. The exact details are still being finalized.
SIAM President Vinod Aggarwal mentioned in July that more incentives might be needed to encourage people to scrap old vehicles. He believes additional government action could boost the program's effectiveness.
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