vehicle scrappage policy india 2022:vehicle scrappage policy 2022:Scrappage Scheme
The government has introduced a new scheme named the vehicle scrapping Scheme. Finance minister Mrs. Nirmala sitharaman has declared today when presenting the 2022-22 budget session.The vehicle scrappage policy has been brought 43,000 crore business opportunities in the auto industry and assisting the environment.Mrs. Nirmala sitharaman told that they are separately announcing a voluntary vehicle scrapping policy 2022 for finding out old and unfit vehicles.This scheme will assist fuel-efficient and environment-friendly vehicles to reduce vehicular pollution and oil import bills.
The aim of this scheme is to boost the sales of new vehicles.During the covid-19 pandemic, the automobile industry of India has been worse affected. New vehicle sales have been slowed for the severe pandemic condition.Union Budget 2022 and announced a sharp rise in capital expenditure for the next fiscal year to Rs 5.54 lakh crore, from Rs 4.39 lakh crore in 2020-21. Among other reforms and new policies, Nirmala Sitharaman also announced that the government is intended to bring a voluntary vehicle scrappage policy.