How Can The Auto-Aftermarket Benefit From Becoming A More Circular Economy?
By a conservative estimate, there are 200 Mn two-wheelers, 35 Mn cars & utility vehicles, six Mn commercial vehicles and another six Mn tractors in India. It is a common understanding today that when these vehicles reach the end of their life, they become an environmental hazard. The recently announced Vehicle Scrappage Policy is the right step towards regulating and mitigating the environmental risks they pose. Of course, the impact of the policy goes well beyond that. Once it fully kicks in, its knock-on impact will also help the domestic auto industry reduce its input costs. But even the best-formulated policy cannot address all aspects of a challenge.
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