India’s Ambitious Drive Towards Economic Glory and Enhanced Mobility
Press Trust of Kashmir
Prime Minister Narendra Modi declared India’s rapid advancement, projecting the nation to secure its position as the world’s third-largest economy during the “third term” of his government. Speaking at the Bharat Mobility Global Expo 2024, Modi emphasized the pivotal role of the auto and automotive component industry in propelling India into a global economic powerhouse.
The Prime Minister unveiled a new initiative to construct 1,000 modern rest facilities on National Highways, addressing the crucial need for proper resting places for truck and taxi drivers. Modi asserted that this endeavor would enhance the ease of living and traveling for drivers, improving their health and preventing accidents.
Highlighting the success of his government’s initiatives, Modi showcased the remarkable growth in India’s economy and income. He outlined the transformative changes in the mobility sector, citing the surge in car sales from 12 crores to over 21 crores post-2014 and the substantial increase in electric vehicle sales from two thousand to 12 lakh per year.
Referring to the recently presented Union Budget, Modi highlighted the significant rise in capital expenditure from less than 2 lakh crore in 2014 to over 11 lakh crore, opening numerous opportunities for India’s mobility sector. The National Electric Mobility Mission was underscored as a driving force for the manufacturing of electric vehicles.
Modi urged the industry to explore research avenues leveraging India’s abundant raw materials, specifically mentioning battery manufacturing, green hydrogen, and ethanol. The Prime Minister celebrated India’s infrastructural achievements, from the Atal Tunnel to Atal Setu, and emphasized the positive impact of Fast-Tag technology on fuel and time savings.
Citing a recent study, Modi noted that Fast-Tag technology contributes to an annual benefit of Rs 40,000 crore to the economy. He acknowledged the government’s efforts in lifting 25 crore people out of poverty in the last decade and the emergence of a new middle class with increased transportation needs.
Expressing confidence in the immense possibilities in the mobility sector for the next 25 years, Modi urged industry leaders to transform rapidly to harness these opportunities. He encouraged collaboration between industry leaders and ITIs to align courses with industry needs.
Addressing the scrappage policy, which incentivizes the exchange of old vehicles for new ones, Modi suggested the auto industry consider offering additional incentives. In addressing the tire sector, he called for reduced import dependence for rubber with the cooperation of farmers.
The Bharat Mobility Global Expo 2024, featuring over 28 vehicle manufacturers and more than 600 auto component manufacturers, reflects India’s ambition to become the largest EV market by 2030, according to Commerce and Industry Minister Piyush Goyal. Goyal expressed optimism that the expo would become an annual event, further propelling India’s mobility sector onto the global stage.
