Bharat Mobility Expo: Mobility sector on the cusp of a golden period, says PM Modi

The mobility sector has an important role in India’s journey to a developed country by 2047, said Prime Minister Narendra Modi.

By Kiran Murali and Amit Vijay M calendar 02 Feb 2024 Views icon5656 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Bharat Mobility Expo: Mobility sector on the cusp of a golden period, says PM Modi

In a rare address to the automobile industry, Prime Minister Narendra Modi said India’s mobility sector is at the onset of a golden period with the economy expanding fast on its journey to a developed country status by 2047.

“The mobility sector has an important role in India’s journey to a developed country by 2047. India is on the move and is moving fast. For India’s mobility sector, it is a sort of starting of a golden period,” Modi said today while speaking at the Bharat Mobility Global Expo 2024.

Modi noted that over 25 crore people have come out of poverty in the last ten years and this, along with the increase in middle class and income levels bodes well for the industry. “When people come out of poverty, one of their top dreams is to own a vehicle. Also, now there is a large number of neo-middle-class people, who have their expectations and aspirations,” he said.

India is currently the third largest passenger vehicle maker in the world, while it is already the top two-wheeler market. Over 21 crore vehicles have been sold in India in the last ten years, he added. The country is also witnessing robust sales for electric vehicles, which recorded a growth of around 49% on year to 1.53 lakh units. 

The government supports the automotive industry through various schemes such as production-linked incentive schemes for automobiles and components, advanced chemistry cell manufacturing, and the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle (FAME) scheme.

In the interim budget that was announced yesterday, the government has allocated Rs 2,671 crore for the FAME scheme and Rs 3,500 crore for automobiles and components PLI for the current financial year. “It was an interim budget, the complete budget will come when we are back to power for the third time,” Modi added.

Also read: Bharat Mobility Expo: PM Modi proposes setting up 1000 rest centres on national highways to address driver fatigue

RELATED ARTICLES
No special worker share allocation for Indian employees in Hyundai IPO: Report

auther Autocar Pro News Desk calendar12 Jul 2024

Hyundai has no intention of earmarking shares by way of an employee quota, but the company has agreed to try and addres...

Volvo CE brings Korean undercarriage parts makers to set up base in India

auther Autocar Pro News Desk calendar12 Jul 2024

These manufacturers will be supplying not only to Volvo but also other players in the market, Dimitrov Krishnan, Managin...

From R&D incentives to EV infrastructure: What auto components industry expects from Budget 2024

auther Autocar Pro News Desk calendar12 Jul 2024

ACMA's recommendations to the government include incentivising capital expenditure, revising depreciation rates on plant...