Updated Feb 01, 2021 | 11:51 IST
Finance Minister Nirmala Sitharaman has announced in her Budget 2021 speech that the Indian government will introduce vehicle scrappage policy in India to boost the sales of new vehicles. Budget 2021: Finance Minister announces vehicle scrappage policy | Photo Credit: Representative Image
The Indian automobile industry has been struggling with a severe sales slowdown since 2019 and has been badly hit by the pandemic. And even though the sales have been improving since the latter half of last year, things are still not on track. So, in order to help the Indian auto sector, the Indian government has decided to bring in a voluntary vehicle scrappage policy. This was announced by the Finance Minister Nirmala Sitharaman during her 2021 Budget speech. Now, the details of the vehicle scrappage policy will be revealed by the Ministry of Road, Transport, and Highways (MoRTH) but the arrival of the policy is good news fo