3 Ways Outdated Vehicle Scraping Can Revitalize the Economy

Old vehicles need not stay as display objects in the garage or a museum. They can accelerate the economy at full throttle.

The vehicle scrappage policy in India focuses on:

• Shielding the already exploited environment from further degradation caused by excessive carbon emissions.

• Boosting the economy of the nation via new job opportunities in the involved sectors.

• Making smarter use of steel that would otherwise be dumped thoughtlessly. India won’t need to import scrap metal heavily.

• Helping vehicle owners benefit along the process.

So, how can it help our economy?

Making India Self-sufficient in Steel Scraps.

The automobile sector and other manufacturing units can save on production costs by accessing recyclable materials (copper, steel, aluminum, and plastics) if vehicle scrapping becomes more popular. Steel scrap is entirely recyclable, and new products can be formed after melting it.

Sixty percent of India’s crude steel production is sourced from scrap steel. With vehicle scrapping becoming more widely accepted, it will help the steel industry manifold. India can minimize importing scrap steel from abroad with wider aging vehicle scrapping. The money saved can be utilized in other domains to boost the economy.

The Government Would Save on Compensating Losses Outdated vehicles with noticeable performance challenges and mechanical faults have cost lives and damaged properties. Aged vehicles between 10 to 15 years old often have issues like brake failure, oil leakage, and malfunctioning clutches. They are responsible for over 12.5% of total road accidents in the nation, according to a recent study.

The government loses a huge sum of money every year compensating for these losses. A brutal fact!

It Can Support Green Projects Scrapping aging cars can put a brake on harmful mining activities and reduce carbon emissions by more than 50%. The government has to make serious budget adjustments to fund green projects, which vehicle scrapping can ease a lot. A greener economy is always on the right track to more development, isn’t it?

Let us say goodbye to our old vehicles in a befitting way and pave the path for a better tomorrow.