Nitin Gadkari details vehicle scrappage policy; about 5% rebate on new car purchase

Union Minister Nitin Gadkari on Thursday said the vehicle scrappage policy will be a 'win-win' situation and will help improve fuel efficiency and reduce pollution. Making a statement in the Lok Sabha, Gadkari said the policy will also lead to an increase in the country's automobile industry turnover to Rs 10 lakh crore from the current Rs 4.5 lakh crore and will also result in increase of about Rs 40,000 crore in GST. The minister said a rebate of about 5 per cent would be offered to buyers on new car purchases in lieu of scrapping of the old. Watch now. (Text: PTI)