Ready with a new scrapping policy that will provide incentives for surrendering old polluting vehicles, Union Minister Nitin Gadkari today said it will boost the automobile industry turnover over four-times to Rs 20 lakh crore in the next five years.
The draft of the much-awaited policy is ready and would be put in public domain within a week to seek views of the stakeholders and general public, the Road Transport and Highways Minister said. “We will put the vehicle scrapping policy on website within a week to seek suggestions and based on that we will seek Finance Ministry’s approval. Once approved, it will be sent for the Cabinet nod,” Gadkari told PTI in an interview. Automobile industry’s turnover, which is about Rs 4.5 lakh crore at present, will touch Rs 20 lakh crore in the next five years with this policy and India can be the “number one country to export the world’s best cars”, he said.