Scrapping policy: It will revive auto sector

The announcement will bring the Indian automotive industry to match with the international standard, besides offering a much-needed reprieve for the Auto, Steel and Electronics industry.

By:March 20, 2021 9:54 AM

Commenting on the scrappage policy, Mr. Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations said, “This is indeed a historic moment in the Indian automotive sphere and will go a long way in setting new benchmark for India in the Global context. We are on the cusp of a major breakthrough in the industry, firstly we saw advanced emission standards being adopted by the sector and now a move that is momentous on multiple fronts, besides presenting a huge business opportunity for the OEMs, the social impact of this move will be revolutionary, employment generation, significantly reducing pollution and bolstering road safety are just a few amongst many that come to mind.

The announcement today will bring the Indian automotive industry to match with the international standard, besides offering a much-needed reprieve for the Auto, Steel and Electronics industry, that was needing resuscitation after the onslaught of the pandemic. The policy is a welcome move for the entire automobile industry, which is the 4th largest in the world today, this move will ensure adoption of better technology on Indian roads thus significantly lowering carbon emissions for the country. Scrapping of older vehicles in a scientific and environment-friendly manner will help to reduce pollution and also make roads safer.

A welcome mover for the OEM’s the new policy also provides significant incentives to customers / vehicle owners, a 5% rebate from automakers, and various incentives from the government will encourage people to come forward towards replacement of their old vehicles and create a positive impetus for the country.

The guidelines will prove to be a boon in the long run, exciting the customers to newer & efficient vehicles and in turn help India elevate to becoming the hub of automobile manufacturing, corroborating the coveted ‘Make in India’ initiative. We strongly believe this policy will kick start the revival of the Indian auto sector and the overall economy ”

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