India will become the third-largest economy in the world during his third term, the Prime Minister reiterated, adding that there are immense opportunities for stakeholders to expand business
During Friday's inaugural Bharat Mobility Show, Prime Minister Narendra Modi stated that India's 250 million-strong "neo middle class" will play a significant role in driving the country's economic growth, particularly in the mobility sector. According to him, the country's goal is to become a global superpower, and the auto industry and its component manufacturers play a significant part in both of these endeavors. In his third term as prime minister, India will rise to the position of world's third-largest economy, the prime minister said again, adding that stakeholders have tremendous chances to grow their businesses.
That "India is on the move and is moving fast" was the prime minister's prediction. He predicted that the mobility sector would enter a prosperous era soon.
Speaking about the past decade, he mentioned that 250 million individuals have managed to escape poverty. One of their aspirations involves your industry (purchasing a car). In India, a new middle class has emerged. In his speech, Modi highlighted the impressive growth in the Indian mobility sector, mentioning that the number of cars sold in the country has more than doubled since 2014, reaching 210 million. He also mentioned that the number of electric cars sold in India has jumped from 2,000 per year to 120 million now, just in the past decade. Vehicle sales for passengers have increased by 60% and sales for two-wheelers by 70% in the last decade. January was a record-breaking month for vehicle sales. He warned that capitalizing on the current climate in the country's mobility sector would be a mistake.
He said that the government is formulating policies with future demands in mind.
The capital spending of India in 2014 was below ₹2 lakh crore, according to Modi, who was referring to Thursday's interim budget. The amount has increased to about 11 lakh crore. He went on to say that this had opened up a lot of doors for the mobility industry in India.
Among the measures that have benefited the industry and made doing business in the country easier are the timely completion of projects, the National Logistics Policy, the transformational impact of the goods and services tax (GST) in speeding up trade, and the elimination of check posts at state borders.
According to Modi, "the auto and automotive component industry is playing a significant role" in India's potential to become a worldwide economic powerhouse.
Various programs have been put in place to encourage growth, including a ₹25,000-crore plan for the auto and auto component business, a ₹18,000-crore PLI for advanced chemistry cells (ACC), and a push to promote the faster adoption and manufacturing of electric vehicles.
He mentioned the decision to broaden tax exemptions for entrepreneurs and the provision of ₹1 lakh crore for the innovation fund. According to Modi, "new opportunities will create in the mobility sector" as a result of these actions.
Research opportunities that make use of the country's resources should be pursued by those involved in the automotive industry, according to the Prime Minister. The materials needed to make batteries are already in India, so why not look into it? Green hydrogen and ethanol research should also be pursued by the auto sector, he added.
By collaborating with farmers, the prime minister urged the tire sector to use less imported rubber.
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