Online Trading Platform for End of Life Vehicle Owners launched in Delhi at MMCM's Automotive Circularity Event
Dec 23, 2023
NewsVoir
Mumbai (Maharashtra) [India], December 23: Meta Materials Circular Markets (MMCM) celebrated a momentous occasion with the official launch of DigiELV, a Ministry of Road Transport and Highways (MoRTH) authorized End of Life Vehicle Certificate of Deposit (CD) Trading platform, and Automotive Circularity Orchestrator, in the esteemed presence of Nitin Gadkari, Minister of Road, Transport and Highways.
Addressing the significant environmental impact of the transport sector, Nitin Chitkara, CEO of MMCM, commented, "Our solutions, DigiELV and the Automotive Circularity Orchestrator, aim to revolutionize the automotive industry by promoting sustainability and addressing the pressing issue of automotive pollution., Further he added that there was no standard scrapping facility available after introduction of this cars will be properly scrapped. He addressed that consumers will be benefited by receiving a certificate from the facility this is recognized by government as well moreover whenever the consumer is buying new car he can use the certificates to avail discount on road tax, and registration fees."
Minister Nitin Gadkari emphasized the environmental benefits of such initiatives, stating, "The launch of platforms like DigiELV and Automotive Circularity Orchestrator aligns with our commitment to reducing pollution and moving towards sustainable mobility" He emphasized on moving ahead with 3 E concept - Ecology , Environment & Economics. He also added that using the scraping policy extensively will ll be a great boon to the economy but reduce environmental pollution approx 20- 25 per cent."
The launch event was a response to India's commitment to reducing greenhouse gas emissions from the transport sector. "Around 8 per cent of India's total GHG emissions come from the transport sector, and in Delhi, it exceeds 30 per cent. The 2021 Vehicle Scrappage Policy is a crucial step toward systematically phasing out unfit cars and promoting technologically advanced vehicles to reduce pollution," added Chitkara.
DigiELV, in its beta phase over the last three months, facilitated the trade of more than 800 certificates, directly benefiting End of Life Vehicle Owners. This platform, authorized by MoRTH, empowers users to lawfully trade Certificates of Deposit, promoting transparency and ensuring sustainable efforts of ELV owners are rewarded. Tax concession benefits have started in 11 States / UT - Rajasthan, Chandigarh, Assam, Bihar, Odisha, Jharkhand, Chattisgarh, Haryana, MP, Punjab and Goa whereas overall, 14 states in India the policy has been introduced and soon will go live on Vaahan in the remaining states.
Kartick Nagpal - President, Rosmerta Recognizing the pivotal role of the central government in advancing sustainable practices, applaud the groundwork laid for the RVSF policy and the successful launch of DigiELV. This significant contribution aims to empower ELV owners, fostering a collaborative ecosystem where vehicles are responsibly recycled.
MMCM's Automotive Circularity Orchestrator addresses global environmental concerns by fostering collaboration for eco-friendly alternatives. The orchestrator connects consumers, manufacturers, and recyclers to promote sustainability, facilitating seamless data and material exchanges for an integrated, sustainable future.
The event, organized by MMCM in collaboration with the Material Recycling Association of India (MRAI) and Policy Times Chamber of Commerce (PTCC), aimed to bring together key stakeholders to discuss DigiELV, the End of Life Vehicle (ELV) Policy, Certificate of Deposits (CD), CD Trading, lawful ELV scrapping, the need for material traceability, and carbon emission reduction through disposal of ELV waste.
This launch event contributes to spreading awareness about the Vehicle Modernization Program, Certificate of Deposit (CD) trading on DigiELV, and the role of the Auto Circularity Orchestrator in championing environmental sustainability. The MMCM event serves as a catalyst for informed discussions and collaborations to drive the automotive industry towards a sustainable and environmentally responsible future. MMCM also launched an education series for the public on benefits of Vehicle Scrapping during the program.
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