Government has said that around one thousand five hundred beneficiaries have been registered on PARIVARTAN, (Programme for Accelerated Renewal and Incentivization of Vehicle Assets for Reducing Transport Air Pollution and Network Emissions) scheme within one month of its launch. The scheme was launched on 14th July this year to accelerate the transition towards cleaner mobility through financial incentives. 

 

Addressing a press conference in New Delhi today, Secretary, Ministry of Road, Transport and Highways, V Umashankar said that the scheme was approved by the Union Cabinet in June this year to replace over two lakh trucks and buses of Bharat Stage-4 with cleaner BS-6 or electric vehicles. He informed that 25 to 30 per cent discount will be provided to buses and trucks under the scheme. He said that the Ministry has set a target of 25 thousand registrations at the end of October this year. 

 

Mr Umashankar said that Memorandum of Understanding have been signed with 15 auto Original Equipment Manufacturers to extend the discount to eligible beneficiaries.  He also underlined that 42 banks and non-banking financial companies have been associated with the scheme to provide interest subvention on vehicle loans.

 

The Minister added that under the scheme, the Central government is providing a five per cent interest subsidy on eligible vehicle loans for five years and Vehicle manufacturers are also providing a minimum eight per cent discount on the ex-showroom price of eligible trucks and buses.