India to set up vehicle recycling sites under new scrappage policy

Key participants in India's steel and scrap sectors welcomed the launch of the National Automobile Scrappage Policy at an investor summit held by Prime Minister Narendra Modi, with private companies signing Memoranda of Understanding (MoUs) to set up vehicle scrapping facilities, Fastmarkets has heard.

The investor summit was held in Gujarat on August 13, and was addressed by Modi via video conferencing. It invited investment in vehicle scrapping infrastructure under either the pre-existing Voluntary Vehicle-Fleet Modernization Program or the new NASP. The policy will bring in a investment of more than 100 billion rupees ($1.4 billion). Modi said.
The new scrapping policy was an important link in the circular economy. Modi said. By following the principles of 'Reuse, Recycle and Recover,' the policy will also promote the country's self-reliance in the automotive sector and provide security for the scrap metal sector.

The NASP was announced in February this year and at that time, while the automotive and scrap sectors were positive about the scheme, many questioned whether...

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