Day: February 6, 2021

Union Budget 2021-22| New Vehicle Scrappage Policy: Indian Auto Industry reactions

a car driving down a busy street filled with lots of traffic

© Provided by The Financial Express

The Indian automotive industry has welcomed the new proposal of the old vehicle scrapping provision to be included in the Union Budget 2021-22. The new vehicle scrappage policy is said to help boost demand for new vehicles after removing old unfit vehicles currently plying on Indian roads. Additionally, it is expected to help reduce air pollution caused by older vehicles. This is a compilation of how automotive component manufacturers, union bodies and other involved parties have reacted to the new announcements made by India’s finance minister – Nirmala Sitharaman.

Kenichi Ayukawa, President, Society of Indian Automobile Manufacturers (SIAM)

In a visionary budget, the government has adopted an expansionary stance with a thrust on infrastructure building with measures for efficiency improvement and increasing competitiveness. Good macroeconomic growth will translate to good auto sector demand. Specifically, the vehicle scrappage scheme has a good intent and the

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