The mobility sector has an important role in India’s journey to a developed country by 2047, said Prime Minister Narendra Modi.
02 Feb 2024 | 7055 Views | By Kiran Murali and Amit Vijay M
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 ...
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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.