New Delhi [India], January 17 : Prime Minister Narendra Modi highlighted that India's automotive sector is witnessing remarkable growth, with the country now selling over 2.5 crore cars annually, surpassing the population of many countries globally.
The Prime Minister attributed this growth to several key factors, including India's large young population, growing income and rising numbers middle class, and government initiatives such as the "Make in India" and Production-Linked Incentive (PLI) schemes.
He said "India is selling 2.5 cr cars every year, which is more than the population of many countries."
PM Modi shared this during his speech on Friday at the "Bharat Mobility Global Expo 2025".
He also emphasized that the automotive industry in India is set to grow even further, driven by the country's booming middle-income group, increasing urbanization, and improved road infrastructure.
The government's focus on enhancing road networks, multi-modal connectivity, and the adoption of new technologies like Fastag and smart mobility solutions are expected to provide a significant boost to the sector.
He also noted that in the last decade, over 25 crore people had moved out of poverty, creating a new middle class who will have higher ambition and they will be more likely to purchase vehicles.
With affordable cars being manufactured under the "Make in India" initiative, the Prime Minister stated that India is on track to become a global manufacturing hub for automobiles, not only catering to domestic demand but also increasingly exporting to global markets.
He added "In the last ten years over 25 cr people came out of poverty and this new middle class will buy vehicles. Good road infrastructure is also going to boost the auto sector, multi-modal connectivity, highways, and new technology like fast tag, we are moving towards smart mobility".
In the recent Union Budget, more than Rs 11 lakh crore were allocated for the development of infrastructure, including multi-lane highways and better connectivity across the country.
PM Modi assured that the journey of transforming India into a developed nation would be closely tied to the expansion of the mobility sector, with a focus on ease of travel and modern infrastructure.
He highlighted "Following the mantra of Make in India, Make for the World, now export is also increasing. The journey of developed India is going to be a journey of unprecedented transformation and many-fold expansion of the mobility sector".
He believes that the coming years will witness an unparalleled transformation in India's automotive industry, driven by the collective efforts of the government and the private sector, in line with the country's long-term vision for economic growth and sustainability.
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