India on threshold of becoming global economic powerhouse, says PM Modi 

Prime Minister Narendra Modi said that India is now on the threshold of becoming a global economic powerhouse with the auto and automotive component industry playing a significant role.

Addressing the Bharat Mobility Global Expo 2024, he expressed confidence in India’s rapid ascent to become the world’s third-largest economy. The PM also reiterated the government’s commitment to supporting various sectors through initiatives such as the Production Linked Incentive (PLI) Scheme. “For the industry, the government has introduced a Production Linked Incentive Scheme of more than ₹25,000 crores,” he said.

Highlighting India’s stature in the global automotive market, Modi said “Today, India is the world’s third-largest market for passenger vehicles and among the top three countries globally manufacturing commercial vehicles.”

#WATCH | Delhi: At Bharat Mobility Global Expo 2024, PM Modi says “In my first term I had planned a global level mobility conference…In my second term, I see a lot of progress being made and I believe that in my third term. ‘Chaliye samajhdar ko ishara kaafi hota hai’…” pic.twitter.com/SYEfMyqkos

— ANI (@ANI) February 2, 2024

He congratulated the automotive industry of India for the grand event and praised the efforts of the exhibitors who showcased their products in the Expo. The Prime Minister said that the organization of an event of such grandeur and scale in the country fills him with delight and confidence. Recommending the people of Delhi to come and witness the Bharat Mobility Global Expo 2024, the Prime Minister said that it brings the entire mobility and supply chain community on a single platform.

The Prime Minister recalled a mobility-related conference from his first term and remembered his focus on battery and electric vehicles and expressed satisfaction that he could see significant progress during his second term and said that in the third term mobility will see new heights.

“India is now on the threshold of becoming a global economic powerhouse, with the auto and automotive component industry playing a significant role,” PM Modi stated. “Today, India is the world’s third-largest market for passenger vehicles and among the top three countries globally manufacturing commercial vehicles.”For the industry, the government has introduced a Production Linked Incentive Scheme of more than ₹25,000 crores,” he said.

Speaking at the Bharat Mobility Global Expo. It brilliantly showcases India’s prowess in the automotive sector. @bharat_mobility https://t.co/jsrg6bbMQy

— Narendra Modi (@narendramodi) February 2, 2024

Background

With over 800 exhibitors from 50+ countries, the expo highlights cutting-edge technologies, sustainable solutions and breakthroughs in mobility. The Expo features the participation of over 28 vehicle manufacturers, in addition to the presence of more than 600 auto component manufacturers. Over 1000 brands from over 13 global markets will showcase their products, technologies, and services at the event.

Along with the exhibition and conferences, the event also features state sessions for states to showcase regional contributions and initiatives to enable collaboration at both national and regional levels, promoting a holistic approach to mobility solutions.

India on threshold of becoming global economic powerhouse, says PM Modi Read More