Automobile: Nitin Gadkari, the Minister of Road Transport & Highways, announced that multiple commercial and passenger vehicle manufacturers have agreed to provide discounts for purchasing new vehicles in exchange for scrapping older ones with a valid Certificate of Deposit.

He stated, “I’m pleased to share that, following my recommendation, many vehicle manufacturers will offer discounts on new vehicle purchases against scrapping old vehicles with a valid Certificate of Deposit. This initiative is a major step forward in our Circular Economy efforts, promoting cleaner, safer, and more efficient vehicles on our roads.”

As a result, major automotive companies are expected to offer discounts ranging from 1.5% to 3.5% to customers who scrap their old vehicles to buy new ones, according to a report in The Times of India.

Previously, SIAM president Vinod Aggarwal commented, “We hope the government will enhance incentives for vehicle scrapping, as the existing scrappage policy hasn’t made much impact.”

He added, “To further encourage the scrapping of old polluting vehicles, more actions are necessary.”