Union Budget 2021: Good news from the budget for those who buy all types of vehicles including cars, two wheelers, buses, trucks, tractors. The cost of vehicles could drop by 1-3 per cent in the coming days. This is because the import duty on steel products has been reduced. In the budget, the import duty on steel products has been reduced from 12.5 per cent to 7.5 per cent. Steel is the leading manufacturer of all types of vehicles.
Finance Minister Nirmala Sitharaman has announced to scrap old cars in the general budget for the year 2021-22, which will help control pollution. Oil import bills will also be reduced. An automated fitness center will be built. Privately owned cars will have to move to the center after 20 years. The finance minister said personal vehicles would have to be sent to automated fitness centers after 20 years and commercial vehicles after 15 years.
The Centre’s Modi government is preparing to launch a scrap policy for the auto sector from next month. The main objective of this policy is to provide relief to the auto sector. Under this policy you will have to sell your old car to a scrap center, after which you will get a certificate. Seeing this, car registration of new car buyers will be done free of cost. The decision is expected to cover about 2.80 crore vehicle scrap policies, making it a major scrap center in the country. This is expected to create a large number of new jobs, as well as allow the automobile sector to get cheaper parts like steel, aluminum and plastics in recycling.
In September last year, the Automotive Component Manufacturers Association of India told Union Minister Nitin Gadkari at its annual session that the scrap policy was in its final stages. This has been announced in the general budget.