The voluntary vehicle scrappage policy under the Indian Union Budget 2021-22 will drive the sales of new fuel-efficient and environment-friendly vehicles, says GlobalData, a leading data and analytics company.
In the past few years, India’s auto industry has been witnessing subdued sales volumes and production declines stemming from both the macroeconomic and COVID-19 related issues. The reduction of the general sales tax (GST) on vehicles and the vehicle scrappage policy are the two main ingredients to revive the Indian auto industry.
The average operational life of a passenger vehicle in India stands at more than 25 years. As a result, …
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