India is world’s third-largest market for passenger vehicles
The Prime Minister Narendra Modi said the 2024-25 Budget of more than Rs.11 lakh crore, presented in parliament on 2 Feb, has brought many opportunities for India’s Mobility sector, as the Government transforms rail, road, airport, waterway transport and all other modes of travel.
Addressing a program at India’s largest and first-of-its-kind mobility exhibition – Bharat Mobility Global Expo 2024 – in New Delhi on 2 Feb, the PM underlined completion of engineering marvels like Atal Tunnel to Atal Setu in a record time and completion of 75 new airports in India in the last 10 years.
He highlighted the 4-lakh km of rural roads that have been built, 90,000 km national highways have been constructed, 3,500 km of high-speed corridors have been developed, Metros in 15 cities and 25,000 rail routes have been completed.
Citing a recent study, the Prime Minister noted that Fast-Tag technology is contributing Rs.40,000 crores annually to the economy.
“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.
Highlighting India’s stature in the global automotive market, Prime Minister remarked, “Today, India is the world’s third-largest market for passenger vehicles and among the top three countries globally manufacturing commercial vehicles.”
Moreover, the PM reiterated his 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 Rs.25,000 crores.”
The Prime Minister said that the National Electric Mobility Mission is pushing manufacturing of Electric Vehicles. The Government has invested Rs.10,000 crore for creating demand for electric vehicles. FAME scheme has led to electric buses in the capital as well as in many other cities, he said.
Prime Minister Modi informed that a fund allocation of Rs.1 lakh crore has been made in this year’s budget to encourage research and innovation and also mentioned the decision to further expand the tax exemptions given to startups. “These decisions will create new opportunities in the mobility sector,” PM Modi said.
Touching upon the most significant challenges of cost and battery in the EV industry, the Prime Minister recommended using these funds in its research.
Prime Minister Modi encouraged the industry to explore research avenues that utilize India’s abundant raw materials for battery manufacturing and delve into areas such as green hydrogen and ethanol.
He said, “Why not conduct research to manufacture batteries using raw materials available in India? The auto sector should also explore research in green hydrogen and ethanol.”
The Prime Minister emphasized the importance of leveraging indigenous technology for developing hybrid vessels in the shipping industry. “India’s Shipping Ministry is advancing towards making hybrid vessels using indigenous technology.”
Modi also mentioned the drone sector in India getting a new flight due to startups and recommended using funds for research related to drones.
The Shipping Ministry is working on hybrid vessels using indigenous technology to build a cost-effective means of transport via waterways.
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. Fiinews.com
