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India Readies Car Scrappage Program
India plans to unveil a new scrappage proposal this week that, if enacted, will more than quadruple the auto industry’s sales revenue over the next five years, according to the government.
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India plans to unveil a new scrappage proposal this week that, if enacted, will more than quadruple the auto industry’s sales revenue over the next five years, according to the government.
The draft awaits comment from the public and stakeholders, before going to the Finance Ministry and Cabinet for approval, The Economic Times reports.
The plan is expected to offer owners as much as 30,000 rupees ($445) to scrap a vehicle that is at least 10 years old, and as much as 150,000 rupees ($2,200) if they replace the vehicle with a new car. The newspaper says the plan also is likely to give buyers a 50% break on the excise tax on their new vehicles.
ET notes that India previously announced it intends to build as many as 29 recycling and parts rebuilding facilities near Indian ports to process old vehicles from the program market and from overseas sources.
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