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New scheme announced in the union budget expected to create 50,000 jobs too Published: February 02, 2021 11:46 Reuters The new voluntary scrappage policy is based on a fitness test for private vehicles older than 20 years and commercial vehicles older than 15 years. Image used for illustrative purpose only. Image Credit: GN Archive
India will make public within 15 days details of a “cash for clunkers” scheme which would spur around 10 billion rupees ($1.4 billion) in new investment and create as many as 50,000 jobs, road transport minister Nitin Gadkari said on Monday.
India s finance minister Nirmala Sitharaman said in her budget speech earlier on Monday there would be a new voluntary scrappage policy based on a fitness test for private vehicles older than 20 years and commercial vehicles older than 15 years.