The government seems to be moving forward on finalising a scrappage policy for old vehicles. Sources told CNBC-TV18 that the cabinet is likely to take up the draft scrappage policy for discussion in the next two to three weeks.
The draft policy has been sent to the PMO for approval after final comments from all ministries. Talking to CNBC-TV18, Union Transport Minister Nitin Gadkari said the draft policy is in its final stages and the government is only waiting for a nod from the cabinet.
“It is in the last stage. In due course, it will be approved by the Cabinet and the government will implement it. This scrapping policy is going to encourage automobile manufacturing activities in the country and help India become an automobile manufacturing hub. It creates more employment and reduce the cost of the cars.”