Scrapping Policy to provide 8-12% incentives on new vehicles

#hashtags: #Modernization Program #VMP #March 2015

Government is evaluating the new vehicle scrapping policy in it’s final stages. Reviews, comments and suggestions are being taken from the stakeholders in the upcoming policy and reports suggest that this policy could provide an estimated 8-12% of incentives to the vehicle owners on new cars. Named as Vehicle fleet Modernization Program (V-VMP) this voluntary vehicle scrapping scheme will be applied on vehicles dating manufacturing before 31st March 2015.

An estimated Rs. 11,500 crore every year is...