'Vehicle plan can get steel worth ₹11.5k cr/yr'
The government has said that the proposed vehicle scrapping policy can generate steel scrap worth ₹11,500 crore every year. This will help reduce India’s import burden and improve the foreign-exchange reserves, it added. The Voluntary Vehicle Fleet Modernisation Programme will offer incentives worth 8-12% of the cost of a new vehicle for surrendering the old one.