Russia Plans Car-scrappage Scheme

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Following the U.S., the U.K., Germany and other European countries, Russian lawmakers are planning a car-scrappage scheme to support domestic car makers, the Industry and Trade Ministry said Friday.

As the worst global economic recession triggered a rise in the number of unemployed, spending decreased considerably, hitting the automobile sector drastically.

The Russian government is planning to give an incentive of 50,000 ruble to motorists who buy a new vehicle scrapping their old cars, which are used for more than ten years. Incentive would be given to buy Russian-made cars only.

The scheme is likely to launch in January next year, the ministry said.

Following the U.S., the U.K., Germany and other European countries, Russian lawmakers are planning a car-scrappage scheme to support domestic car makers, the Industry and Trade Ministry said Friday. (Market News Provided by RTTNews)