On Friday, Prime Minister Narendra Modi expressed his optimism that India would secure its place as the world’s third-largest economy during the third consecutive term of the Bharatiya Janata Party (BJP) government. Speaking at the Bharat Mobility Global Expo in the national capital’s Bharat Mandapam, the Prime Minister highlighted the significant strides made by India in poverty reduction over the past decade, with approximately 25 crore people lifted out of poverty due to government efforts.
PM Modi outlined the country’s ambitious goal of achieving ‘developed’ status by 2047 and emphasized the pivotal role the mobility sector would play in realizing this objective. He stated, “Today’s India is moving forward with the goal of making the country ‘developed’ by 2047. The mobility sector will play a huge role in the achievement of this goal.”
Referring to the current momentum in the mobility sector, the Prime Minister declared that it marked the beginning of a golden era. He highlighted the rapid expansion of the Indian economy and the emergence of a new middle class with its own aspirations and hopes. Modi mentioned the substantial growth in the sale of cars and electric vehicles since 2014, indicating a positive trend in the mobility sector.
Before 2014, the Prime Minister noted, “there were 12 crore cars sold in India. Since 2014, there has been a sale of over 21 crore cars.” Additionally, he pointed out the significant increase in the sale of electric cars, with 2,000 crore being sold annually before 2014 and around 12 lakh electric cars being sold annually now. The passenger car sales witnessed a 60% rise, and two-wheeler sales saw a 70% increase.
PM Modi acknowledged the unprecedented transformation in the mobility sector, attributing it to India’s reliance on new policies designed with future scenarios in mind. He indicated that this vision was reflected in the interim budget, with the promise of a comprehensive budget presentation after the formation of a new government.
The Bharat Mobility Global Expo 2024, where PM Modi made these statements, aims to showcase India’s capabilities across the entire mobility and automotive value chains. The Expo encompasses exhibitions, conferences, buyer-seller meets, state sessions, a road safety pavilion, and public-centric attractions like go-karting.